I examine the theory of consequentia of the medieval logician, John Buridan. Buridan advocates a strict commitment to what we now call proposition-tokens as the bearers of truth-value. The analysis of Buridan's theory shows that, within a token-based semantics, amendments to the usual notions of inference and consequence are made necessary, since pragmatic elements disrupt the semantic behaviour of propositions. In my reconstruction of Buridan's theory, I use some of the apparatus of modern two-dimensional semantics, such as two-dimensional matrices and (...) the distinction between the context of formation and the context of evaluation of utterances. (shrink)