Role, Importance And Authenticity Of The Hadith

assalam-o-alaykum

Could you please tell me your views about the authority and status of the Ḥadīth of the Prophet (sws)? I also wanted to learn how can a person reject a Ḥadīth which has earlier been accepted by the Muslim scholars? Can a scholar introduce new explanations and new versions of Islamic interpretations?
Looking forward to your response.
Regards Faisal Hassan
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