Ian Ayres, professor at Yale Law School, teaches this segment of American Contract Law on fraud as a formation defense to contractual liability. The case under discussion is Hill v. Jones, in which a home buyer discovered a termite infestation the seller had not disclosed. Ayres walks through the elements a court requires to void a contract for fraud, focusing on when silence or nondisclosure by one party rises to the level of misrepresentation. He situates the case within a broader unit on special controls on promissory liability, comparing fraud to other formation defenses covered elsewhere in the course. The lecture is drawn from Ayres' Coursera course and assumes some familiarity with basic contract doctrine, working through the case file and the reasoning judges use to decide when a deal can be undone.