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.