Our pretheoretic sense of the relation of logical consequence arises from our experience of deductive inference. By ignoring the priority of inference and failing to provide an account of the ontological grounds of the conceptual experience and of the modal and truth elements in the statement of our pretheoretical sense, informal and technical accounts are at best partial. This paper proposes an ontological analysis of both elements which accounts for our conceptual experience and differentiates genuine from ersatz logical consequence.