  We derive a coarse grained, free-energy functional which describes droplet
configurations arising on nucleation of a product crystal within a parent. This
involves a new `slow' vacancy mode that lives at the parent-product interface.
A mode-coupling theory suggests that a {\it slow} quench from the parent phase
produces an equilibrium product, while a {\it fast} quench produces a
metastable martensite. In two dimensions, the martensite nuclei grow as
`lens-shaped' strips having alternating twin domains, with well-defined front
velocities. Several empirically known structural and kinetic relations drop out
naturally from our theory.
