Molecular Orbital Theory's Domain
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State
Molecular orbital theory correctly predicts magnetic behavior and fractional bond order that valence bond theory misses, at the cost of a more demanding diagram.
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Molecular orbital theory correctly predicts O2's paramagnetism where valence bond theory's localized picture gives no such signal.
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Neither model is the better one; valence bond theory stays the tool for shape in large molecules, this one for magnetism.