Yale law professor Ian Ayres addresses promissory fraud as a formation defense in his American Contract Law course. The lecture sits within a unit on special controls on promissory liability, following sections on fraud generally, and treats the specific problem of a promise made with no intention of keeping it. Ayres works through why courts treat a false statement of present intent differently from an ordinary broken promise, and what a plaintiff must show to convert a contract dispute into a fraud claim, including the added exposure to tort damages and punitive remedies that fraud can bring. Drawn from Ayres' Coursera series American Contract Law I and II, the talk is short and pointed, aimed at students who already have the formation-defenses framework in hand rather than newcomers to contract law.