Summary:
Antonio, is a wealthy, respected, and popular merchant in Veniece. Among his many acquaintances is a young man called Bassanio, who owes Antonio a great sum of money. Bassanio desires to repay his friend, but so far hasn’t been unable to do so. Finally feels that the opportunity to do so may have sprung up, but in order for the plan to work, he will yet again need a further loan from Antonio. Bassanio tells Antonio, about a beautiful young and wealthy heiress that lives in Belmont. Bassanio feels quite certain, that he can win her hand in marriage, but he cannot go courting “hands-hanging.” If he is to make a good impression, he must at least appear as affluent as her other wealthy suitors. Antonio tells his young friend that he would gladly lend him whatever amount of money he needs, but unfortunately at present he himself is short of cash. The entirety of his money has been invested in his merchant ships, which are still at sea. However, Antonio doesn’t intend to disappoint his friend. He knows of a moneylender who will probably lend him the necessary amount, and Bassanio can use Antonio’s good name to secure the loan.

At Belmont, Portia is speaking to her confidante Nerissa, telling her how tired she is of the constant stream of suitors, and how she wishes to be free, of the perverse obligation within her father’s will: Portia cannot choose her own husband; she can only marry the man who will successfully chooses the correct casket out of three; one gold, one silver, and one lead; of these one contains her portrait and that one is the lucky casket. So far, none of her suitors has decided to risk choosing a caskets, which is all for the better, because Portia has no liking for any of them. However, when Nerissa mentions the name of Bassanio, a possible suitor, Portia’s mood brightens. He once visited Belmont, and Portia was quite impressed by him.

Meanwhile in Venice, Shylock, a rich Jewish moneylender who harbors a secret hatred for Antonio, has agreed to lend Bassanio three thousand ducats for three months, on Antonio’s bond. Foregoing his usual high interest rate, Shylock instead requests that if the day for payment falls due and the money is not returned, he may cut off one pound of flesh from Antonio’s body. Antonio agrees to the terms, owing to the fact that all of his ships are due back in Venice a full month before the bond is due.

A romantic backstory develops when Lorenzo, a close friend of Antonio and Bassanio, falls in love with Shylock’s daughter, Jessica. He manages to slip away with her, by disguising her as a boy, and she manages to take with her a goodly amount of her father’s ducats. This infuriates Shylock, and he swears revenge. Shortly thereafter, Bassanio and Gratiano leave for Belmont, where the “fair Portia” has just sent away a further two dissapointed and  unsuccessful suitours, being the Prince of Morocco and the Prince of Arragon. When Bassanio asks to choose one of the caskets, Portia immediately falls in love with him, and she begs him to wait a few days before choosing one of the caskets. Likewise he has fallen in love with Portia and insists on taking his chances. He rejects the gold one, then the silver one; finally choosing the lead casket, and on opening it, he finds a portrait of Portia. Both he and Portia are overjoyed, therefore they make plans to be married at once, together with Nerissa and Gratiano, who in the meantime, have also fallen in love. Happiness reigns in Belmont, until Bassanio receives a letter from Antonio bidding him farewell, since his ships have been lost to a storm at sea and therefore it is unlikely he may survive after Shylock has collected his pound of flesh. Horrified at the news, Bassanio instantly leaves for Venice with a sum of money which Portia has  given him to pay the bond.

In Venice, Shylock is no longer interested in the mere payment of the money due, he desires revenge. A Christian has stolen his daughter (and she has stolen his money), nothing will satisfy Shylock except the legal fulfillment of the bond. In the court of justice, whichis presided by the Duke of Venice, Shylock faces his enemy, Antonio. Antonio is surrounded by his friends and has quietly resigned to the idea of death. On all sides, Shylock is surrounded by enemies. Bassanio pleads with Shylock to accept double the amount of money due him, but Shylock refuses.

At this point, Portia, disguised as a male lawyer,( women at the time were not allowed to practice law) and Nerissa, dressed as his law clerk, enter the court room and inform the Duke that they have been sent from Padua by a learned attorney, Doctor Bellario, to plead the defendant’s case. Portia implores Shylock to be merciful, but he will not listen. She offers the moneylender triple the amount owed him, but yet again Shylock will have none of it. She then solemnly informs the court that Shylock is entirely within his lawful rights. She then goes on to inform Shylock that he must be very careful. He must cutoff exactly one pound of flesh and not an ounce more and he must not spill a single drop of Antonio’s blood. If Shylock were to fail, all of his lands and goods will be confiscated. Shylock hastily decides to accept the triple payment of the bond, but Portia refuses; Shylock then offers to take only the original three thousand ducats, but again Portia rejects the offer, reminding him that it was he himself who had demanded the strict interpretation of the law. Furthermore, she says, the law has a further hold on him. Given that he is an alien in Venice and since he tried to “seek the life” of a Venetian citizen, all his wealth can be seized and divided between the citizen whom he attempted to destroy and the public treasury; in addition, Shylock’s own life is in peril because of what he attempted to do.

The Duke decides to spare Shylock’s life, but he does give half of Shylock’s money to Antonio, and the remainder to the state. Antonio says that he will renounce to his share of the money if Shylock agrees to become a Christian and furthermore agrees to write his will, leaveing his money to his daughter, Jessica, and her new husband, Lorenzo uppon his death.  Shylock, broken and defeated, agrees to all the conditions and leaves the court. Overjoyed, Antonio and his friends offer to pay the young lawyer whatever they can, but, oddly enough, the lawyer’s only requests is a ring which Bassanio is wearing. Bassanio is embarrassed because his wife gave this ring to him asking him to never part with it. But the lawyer insists and, finally, Bassanio reluctantly relinquishes the ring. Likewise Nerissa cleverly manages to obtain the ring she had previously given Gratiano. The two ladies then hasten back to Belmont to tease their husbands about the rings.

When Bassanio and Gratiano, together with Antonio, return to Belmont, their wives inquire about the missing rings. Portia and Nerissa insist that the men undoubtedly gave the rings away to two other women. The husbands swear that it is not the case, and not before having made their husbands endure extremely long and comically agonizing moments of discomfort, do Portia and Nerissa confess that they themselves were the “learned doctor” and the “clerk” to whom the rings were given. Thus all ends happily, as Portia gives Antonio a letter informing him that three of his ships and their precious cargos have arrived safely in port.