Prior to 2010 Apple sold DRM laden tracks on a one time only download basis. You didn't get to redownload them, and Apple weren't necessarily keeping a record. The ability to redownload past purchases is also dependent on the content still being in the store. Sometimes rights holders remove content.
It might vary somewhat by version of iTunes but when you delete a purchased item you should get a prompt asking if you also want to send the deleted item to the recycle bin, and then possibly another prompt asking if you want to hide the purchase from your purchase history. You would say no to this second prompt. Current versions of iTunes will show cloud links for any unhidden purchases that you haven't downloaded, which will let you stream the item from Apple's servers, or download it to your library. You can use these steps to refresh you copies of purchases that won't play correctly, but that is only going to help if the content is visible in the purchase history. For older items you might have to treat those the same way you would a lost physical disc, replacing with a new purchase if you want to.
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