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What is meant by the parable in Luke 5:36-39?

Most biblical scholars agree that the new garment and the new wine bottles refer to the New Testament, i.e. Christianity, and the era of Grace. The Old Testament, i.e., Judaism, was based on the Law. Grace far exceeds the Law because Grace is the result of Christ's passion. Though Grace does not make the Law void, it cannot just patch it up or merely add to it. Christianity is a complete transformation.