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In this paper, I argue that Physics I.2–3 contains what Aristotle calls a “logical examination.” It is not part of any science (including metaphysics) but provides a framework for explicating any theory that has metaphysical or physical content, without itself being such a theory. Aristotle’s “philosophical point” (Phys. I.2, 185a20) is that any theory must be such as to allow for an explication within the confines of a general theory of predication. The Eleatics fail to offer a theory that meets this requirement; hence, they do not merely lack a competing theory but have no coherent theory at all. For this reason, Aristotle does not distort Parmenides’ position but explicates what Parmenides must have meant if he is to be taken seriously as a philosopher.