Which of the following statements regarding fats is NOT true?

Fats are triesters of glycerol (propane-$1,2,3$-triol) and higher fatty acids.

When fats are stored for a long time, they undergo oxidation and hydrolysis, leading to rancidity.

Hydrolytic rancidity occurs when fats are hydrolyzed by moisture present in food, releasing free fatty acids which cause an unpleasant odour and taste.

Chocolates do not contain lauric acid in significant amounts; their fat content (cocoa butter) mainly consists of palmitic, stearic, and oleic acids. Lauric acid is predominantly found in coconut oil and palm kernel oil. Therefore, the statement that chocolates develop a fatty flavour due to the release of lauric acid is incorrect.

Answer: Chocolates develop fatty flavour due to release of lauric acid.