X contracts to sell a RARE parcel of land to Y, takes part payment and permits Y to take possession. When X later refuses to complete, Y sues for specific performance. Which statement best describes the outcome?

A contract relating to LAND or to a unique asset is specifically enforceable because money damages cannot adequately compensate for loss of that specific property; the buyer's entitlement to the very property, rather than an equivalent sum, is what specific performance protects. Further, a transferee who takes possession in part performance of a written contract can invoke Section 53A of the Transfer of Property Act as a defence to claims inconsistent with the contract. The equitable remedy is thus available where damages are inadequate and the terms are certain. Y's suit for performance is therefore the appropriate remedy.