The Merchant of Venice
The Merchant of Venice is a renowned play by William Shakespeare, and is greatly viewed by the Order of Merchants for its Merchantile and Commercial appeal.
The Bond
The entire play is centered around a simple contract between Shylock, a Jewish moneylender, and Antonio, the Merchant of Venice.
The contract formed between Shylock and Antonio is the "Bond", wherein the conditions are in return for a loan of 3,000 ducats, Antonio shall repay Shylock in three (3) months. Shylock is generous enough to offer the loan without a drop of interest.
To secure Shylock under the unlikely event of "forfeiture", Antonio agrees to pledge one (1) pound of his flesh.
Antonio, expecting to make well over 3,000 ducats before the time when the bond matures, signs and seals with Shylock before a Notary.
From Act I - Scene III
Shylock:
Go with me to a notary, seal me there your single bond; and, in a merry sport, if you repay me not on such a day, in such a place, such sum or sums as are expressed in the condition, let the forfeit be nominated for an equal pound of your fair flesh, to be cut off and taken in what part of your body pleaseth me.
Toward the end of the play, Antonio finds himself bankrupt, and unable to pay Shylock, who insists that he shall "Have his bond", the collection of one (1) pound of flesh. So the matter is then taken before the Duke in a Court of Justice.
From Act IV - Scene I
Duke: (To Antonio) I am sorry for thee; thou art come to answer a stony adversary, an inhuman wretch uncapable of pity, void and empty from any dram of mercy.
Shylock: I have possess'd your grace of what I purpose; and by our holy Sabbath have I sworn to have the due and forfeit of my bond: if you deny it, let the danger light upon your charter and your cities freedom. You'll ask me why I rather choose to have weight of carrion-flesh than to receive 3,000 ducats: I'll not answer that:
Bassanio: This is no answer, though unfeeling man, to excuse the current of the cruelty.
Shylock: I am not bound to please thee with my answer.
Bassanio offers Shylock 6,000 ducats, but Shylock insists on collecting his bond.
The construction of this entire contract is that of an Article 9 Secured Transaction.
Shylock acts as the Secured Party;
Antonio as the Debtor; and
The pound of flesh as the Collateral
Seeing as how the majority of contracts that are formed in this era are not secured by flesh, it is a wonderful surprise that the Court and its Duke could not overrule the bond, considering that Antonio agreed and singed before a Notary. The Agreement made was the law, and no State or Government could interfere with the collection of the bond. Shylock had all the right to foreclose.
Notice that the entire Court procedure is about the "Answer" or statement given in response to any question. Shylock makes notice that he is under no obligation to answer Bassanio, only the Duke and his Court. The Duke's quote signifies that Antonio is the Defendant, since he is called to answer Shylock's complaint.
The Court then introduces the fact that since Shylock's bond does not include blood, that if he went to collect Antonio's flesh and spilled a single drop of blood, he would be arrested and his possessions taken.
The contract formed between Shylock and Antonio is the "Bond", wherein the conditions are in return for a loan of 3,000 ducats, Antonio shall repay Shylock in three (3) months. Shylock is generous enough to offer the loan without a drop of interest.
To secure Shylock under the unlikely event of "forfeiture", Antonio agrees to pledge one (1) pound of his flesh.
Antonio, expecting to make well over 3,000 ducats before the time when the bond matures, signs and seals with Shylock before a Notary.
From Act I - Scene III
Shylock:
Go with me to a notary, seal me there your single bond; and, in a merry sport, if you repay me not on such a day, in such a place, such sum or sums as are expressed in the condition, let the forfeit be nominated for an equal pound of your fair flesh, to be cut off and taken in what part of your body pleaseth me.
Toward the end of the play, Antonio finds himself bankrupt, and unable to pay Shylock, who insists that he shall "Have his bond", the collection of one (1) pound of flesh. So the matter is then taken before the Duke in a Court of Justice.
From Act IV - Scene I
Duke: (To Antonio) I am sorry for thee; thou art come to answer a stony adversary, an inhuman wretch uncapable of pity, void and empty from any dram of mercy.
Shylock: I have possess'd your grace of what I purpose; and by our holy Sabbath have I sworn to have the due and forfeit of my bond: if you deny it, let the danger light upon your charter and your cities freedom. You'll ask me why I rather choose to have weight of carrion-flesh than to receive 3,000 ducats: I'll not answer that:
Bassanio: This is no answer, though unfeeling man, to excuse the current of the cruelty.
Shylock: I am not bound to please thee with my answer.
Bassanio offers Shylock 6,000 ducats, but Shylock insists on collecting his bond.
The construction of this entire contract is that of an Article 9 Secured Transaction.
Shylock acts as the Secured Party;
Antonio as the Debtor; and
The pound of flesh as the Collateral
Seeing as how the majority of contracts that are formed in this era are not secured by flesh, it is a wonderful surprise that the Court and its Duke could not overrule the bond, considering that Antonio agreed and singed before a Notary. The Agreement made was the law, and no State or Government could interfere with the collection of the bond. Shylock had all the right to foreclose.
Notice that the entire Court procedure is about the "Answer" or statement given in response to any question. Shylock makes notice that he is under no obligation to answer Bassanio, only the Duke and his Court. The Duke's quote signifies that Antonio is the Defendant, since he is called to answer Shylock's complaint.
The Court then introduces the fact that since Shylock's bond does not include blood, that if he went to collect Antonio's flesh and spilled a single drop of blood, he would be arrested and his possessions taken.
Conclusion
Although Shylock is prevented from collection because of the wording of his contract, this play is hidden symbolism for a Negotiable Instrument and Secured Transaction, payable to a specific party on such a date, a failure to pay, and a process of collection of collateral governed by the Uniform Commercial Code.
