This is the climax of the play. Antonio, unable to repay his bond is on trial. Shylock wants his pound of flesh. Portia and Nerissa disguise themselves. Bassanio and Gratiano lose their rings.
The trial of Antonio begins. The Duke of Venice warns Antonio that, though he will plead for Antonio's life, he is bound by the law to honour the bond. Shylock, he fears is a 'stony adversary' who may not pity the eponymous merchant.
Bassanio offers 6000 ducats to Shylock if he relents on the bond, but the moneylender is unmoved. He repeats his claim. Shylock defers to the legality of the bond - a law that they would have him break. His true motivatio, however, is revenge. The Duke holds his judgment as he waits for Bellario - a high-profile lawyer to help with such a serious judgment. Bassanio offers his own life in place of Antonio, to no avail.
Portia (in disguise) enters as the lawyer Balthasar, whom Bellario has sent. Nerissa (also in disguise) has preceeded her as an emissary. Portia begins to examine the case through interviews with those present...
...Antonio tells Portia that the bond is legal. She pleads to Shylock's sense of mercy. He refuses - as he sharpens a blade on a whetstone - asking why he should grant mercy to those who have never shown him respect.
She wonders why he refuses the offer of three times the debt. He repeats his demand for what has been agreed. She asks that he employ a physician to help with the 'operation'. He refuses, pointing again to the terms of the bond. In this moment, Shylock loses the pity of the audience. Portia agrees that the bond is legally enforceable.
Bassanio and Gratiano, distraught, offer everything they have - even their wives - for Antonio's release. Their wives are unimpressed.
As Shylock is preparing to make an incision, Portia interrupts...
Portia points out that Shylock is entitled to take a pound of 'flesh', but not a jot of blood. If any Christian blood is spilled, she proclaims, Shylock's life will be forfeit. Her interpretation of the bond suits the other Christians of the court.
Foiled, Shylock accedes to the monies previously offered. Portia points out that he has refused the money, and he can still take his pound of flesh (no more, no less) at great personal risk.
Further, Portia exclaims that, is seeking Antonio's life, Shylock has broken Venetian law. The Duke agrees. Antonio, as the aggrieved party, holds power. His 'mercy' is to leave Shylock with half his fortune, if he vows to convert to Christianity and to will the remainder to Lorenzo and Jessica. Reluctantly, Shylock eventually agrees....
After Shylock departs, Antonio and Bassanio turn to the lawyer 'Balthasar' and offer 3000 ducats as payment in gratitude.
Portia refuses the money. The friends say they must pay something. Portia asks for Bassanio's gloves and ring in payment. He refuses, explaining that the ring is a gift from his wife. Balthasar is indignant and turns to leave. Antonio pleads with Bassanio and they send the ring on as payment, via Gratiano.
Antonio and Bassanio make plans to leave for Belmont.
Following from the last scene, Portia and Nerissa - still in disguise - are in Venice. Gratiano has caught up with them and offers the ring to 'Balthasar' along with an invitation to dinner. Portia accepts the ring, but declines dinner.
They ask for Gratiano to escort Nerissa to Shylock's house, that he may sign the will to pass on his estate to Lorenzo and Jessica. In an aside, Nerissa tells Portia that she too will persuade her husband (Gratiano) to part with his wedding ring.
This sets up the comedic closing of the play, where the 'heroes' are made to look like fools by the wit and guile of their wives.
Belmont.
Lorenzo and Jessica talk playfully in the moonlight, invoking tales of great love from antiquity, such as Troilus & Cresside and Jason & Medea (odd choices as both relationships end in tragedy).
Within moments of each other, Stephano and Launcelot herald the returns of Portia and Bassanio, respectively. The newlyweds take the stage. Both Nerissa and Portia 'discover' that their husbands have given their wedding rings away to a lawyer and 'his' clerk. Feigning anger, they threaten to withhold sex until they see the rings again. In this, the audience is in on the joke and can enjoy Bassanio and Gratiano desperately trying t avoid a marital ear-bashing.
Antonio, who feels responsible for these arguments, interjects to offer his 'soul' as recompense for the loss of the rings. In this, he repays the deeds of friendship shown to him by Bassanio in the previous act.
Portia hands Antonio a ring, telling him to give this one to Bassanio and to treat it better than the last one. Nerissa does the same to Gratiano and, recognising the original rings, they are amazed.
Portia explains the disguises. Moreover, she produces two letters: one for Lorenzo & Jessica, which holds Shylock's will and the other for Antonio, indicating the safe return of three of his ships to Venice.
The play closes as they all retire to discuss the fantastic events of the drama and the good fortune that has seen harmony return to all but Shylock.
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A Level: English language and literature technique = Dramatic terms