Corrosion is defined as the process in which metal with atmospheric moisture and chemicals resulting in the formation of rust. Following is an example of rust or corrosion that takes place on the iron:
Rancidity is a condition in which the substance with oil and fats get oxidized when they are exposed to air. A substance is said to be rancid when there is a change in smell, taste, and colour. An example of rancidity is when a chips pack is exposed to atmospheric air which results in a change in taste and odor.