This paper is concerned with Sir Peter Strawson’s critical discussion of Paul Grice’s defence of the material implication analysis of conditionals. It argues that although Strawson’s own ‘consequentialist’ suggestion concerning the meaning of conditionals cannot be correct, a related and radically contextualist account is able to both account for the phenomena that motivated Strawson’s consequentialism, and to undermine the material implication analysis by providing a simpler account of the processes that we go through when interpreting conditionals.