What happens during oxidative and hydrolytic rancidity of fats?
I am currently finishing my Ph.D. in rancidity, and therefore I know quite a bit about it. The picture is not a fair representation of what happens, since free fatty acids should be present, though you just show the triacylglycerols. Which rancidity happens first will depend on the matrix and on the storage condition of the oil. Usually, but not always, oxidative rancidity happens first.