An auxiliary contract known as a pre-emption gives the owner of the right preference (pre-emotive right) in a sale or the right of first refusal in other kinds of contracts. The owner of the pre-emptive right may use the Oryx mechanism as a remedy in the event of a contract breach with a third party. According to the Oryx mechanism, the owner of the right has the ability to enter into a new contract on the same conditions as the third party that bought the property. What then is the legal situation when the item has already been handed to the third party, and the status of the terms of agreement on the pre-emption agreement? This is the main issue and criticism of the process.
The ultimate purpose of the Oryx mechanism is to safeguard the individual rights of the party whose rights were first created, which makes it somewhat comparable to the doctrine of notice in property law. The doctrine of notice favours the "first come, first served" principle, but only if the second holder of personal rights, whose interests were prioritised to the disadvantage of the first, was aware of the existence of the first-created rights.
If the second holder was indeed aware, they will be deemed to be mala fide in their creation of the second set of personal rights, disregarding the first. The remedy is for the first holder to take the position of the second holder, that is, to have the immovable property removed from the second holder and registered in the name of the first holder; or to take priority, that is, to have a servitude registered in favour of the first holder before the second holder can have the immovable property registered in their name.
In attempts to fix the Oryx mechanism or develop it, personal rights are formed pursuant to transferring real rights, and the doctrine of notice easily aids the mechanism by answering the question of what happens when the object of the contract has already been transferred. In any case, developing the Oryx mechanism with the aid of the Doctrine of Notice would literally mean duplication of the doctrine, thus rendering the Oryx mechanism obsolete.
The question, alas, remains with respect to movables. What's your take on plausible remedies?