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The parties dispute the legal effect of a contested transaction. Two buyers claimed the same property after one recorded late and the other had inquiry notice. The parties disagree about the legal effect of those facts. How is the court most likely to rule?

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The court should resolve the dispute by applying the operative rule to the material facts: The answer should identify the governing rule for Recording Acts and apply it to the operative facts. Assume the doctrine applies because one element appears satisfied, even if the remaining elements are contested. Reject the claim or defense solely because the opposing party disputes a required fact. Import a rule from a nearby issue instead of applying the rule triggered by these facts.

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