Under the terms of her dead father’s will, she cannot choose her own husband, nor refuse one she dislikes if he passes the test set by her father. Each of Portia’s suitors must choose between three caskets: one gold, one silver, and one lead. Only the man who chooses correctly shall marry Portia. She and Nerissa list her recent admirers: a “Neapolitan prince,” a “French lord,” a “young baron of England,” and “the Duke of Saxony’s nephew,” emphasizing the competition that Bassanio faces, but also the play’s concerns with cultural identities and differences. Portia dismisses each one, showing her quick wit and ability to reason. Nerissa reminds her of “a Venetian, a scholar and a soldier” (Bassanio) who visited their household while Portia’s father was alive. The ladies agree he is “worthy” of praise. A servant announces that the four suitors have left, but that a fifth, “the Prince of Morocco,” will arrive that night. Portia is unimpressed, commenting that her new suitor will have “the complexion of a devil,” highlighting the racial/cultural boundaries that exist in the play.

ACT 1 SCENE 3

Bassanio and Shylock discuss a loan of “Three thousand ducats” for “three months.” Bassanio assures Shylock that “Antonio shall become bound” in guarantee, but Shylock is unsure: Antonio’s wealth is uncertain while his ships are still at sea. Antonio approaches and Shylock reveals his hatred in an aside: he hates Antonio “for he is a Christian,” but more importantly because Antonio makes loans without charging interest, damaging Shylock’s moneylending business. Finally, he points out that Antonio hates him because he is Jewish, and because he is a moneylender. This speech makes clear the opposing characters of Shylock and Antonio, contrasted throughout the play in terms of their faiths and characteristics.

When Antonio arrives, Shylock makes a show of civility. Antonio tells him that usually he does not “lend nor borrow,” but that he is making an exception for Bassanio. Shylock remembers all the times that Antonio has “rated” him over his moneylending, and insulted him on the grounds of his faith, calling him a “misbeliever.” He asks why he should lend money to someone who has “spat on” him and called him a “dog.” Antonio replies that he is likely to do these things again and tells Shylock that he will be making a loan to his “enemy,” who it will be easier to “Exact the penalties” from if he fails to pay. Shylock claims that he wants to “be friends,” making the loan with no interest charges. He suggests, “in a merry sport,” that if Antonio fails to pay back the money on the day stipulated, he will take a “pound” of Antonio’s “fair flesh.” Antonio agrees, despite Bassanio’s protests. He points out that within two months he is expecting a return of “three times the value of this bond.” Shylock tells them to meet him “at the notary’s,” where they will put the bond in writing, and leaves. Antonio observes that Shylock “grows kind,” but Bassanio is less trusting, saying that Shylock has “a villain’s mind.” Antonio reiterates that his ships will come home “a month before the day,” one of many references to time that create pace and tension.

ACT 2 SCENE 1

The Prince of Morocco begs Portia not to “Mislike” him on account of his complexion. She politely reminds him that, under the terms of her father’s will, her marriage will be due to a “lott’ry” rather than her own choice. The prince’s speeches are lover-like, but he is self-absorbed and boastful. Portia reminds him that the penalty for choosing wrongly is that he must remain unmarried. He agrees, and they go to dinner.

ACT 2 SCENE 2

Lines 1–99: Lancelet, the Clown, is contemplating running away from his master, whom he characterizes as a “fiend” and a “devil,” recurring imagery used in conjunction with Shylock. As he finally decides to “run,” he meets Old Gobbo, his father. Gobbo is blind and does not recognize his son, who decides to pretend to be someone else, a situation that creates comedy, but which also reinforces the other instances of concealed/exchanged identity in the play. Gobbo reveals that he is looking for Shylock’s house and for his son, who Lancelet claims is dead, before revealing his true identity. Gobbo, however, will not believe that he is Lancelet. The confusion is resolved and Gobbo explains that he has brought Shylock a present, but Lancelet announces that he has run away from his master. He informs Gobbo that he intends to serve Bassanio, who gives “rare new liveries,” and tells him to give Bassanio the present.

Lines 100–191: Bassanio enters, instructing a servant to have supper ready “by five of the clock,” and to ask Gratiano to come to his lodging. Lancelet urges his father to give him the present, and comic confusion is created as both men try to ask Bassanio if he will take Lancelet into service. Bassanio clarifies matters and agrees.