In this article it is shown that the General Relativity Theory is an incorrect theory of gravity. It leads to erroneous predictions when it is extrapolated beyond its experimentally verified validity such as the prediction of the existence of Black Holes with their event horizons. The article describes the two fatal problems found in the theory in particular in the Schwarzschild metric, which is the “vacuum” solution of Einstein field equations for a mass point. The problems are the insufficient contravariance and the violation of conservation of angular momentum. The article then derives the correct metric for the centrally gravitating body, which does not have the above mentioned problems, presents the Christoffel coefficients, and derives the Riemann, and the Ricci tensors. From this metric it is also shown that the Einstein’s Weak Equivalence Principle does not correspond to reality and that the inertial mass and the gravitational mass both depend on the gravitational potential as well as on the velocity in such a way that their product remains constant.