Merchant of Venice

Merchant of Venice

A contract, whether verbal or written is considered valid only if it is binding and as such enforceable by law. For it to be considered valid it must meet some several conditions or rather contain certain elements that make it legally binding. To begin with, a contract must have an offer detailing the details of what is being provided between the parties concerned. It must also reflect an acceptance to demonstrate that a party has agreed to the presented offer. It as well have to contain a consideration or rather a thing of interest to be exchanged between the parties. Another crucial requirement for a contract to be considered valid is if the contracting parties have the capacity either in terms of age or mental ability to legally bind. There also has to exist the intention to get into the agreement among the contracting parties as well and finally, the contract’s object must not be illegal or against the law (The University of New Mexico, 6). In simpler terms therefore, a contract is only considered valid in law if both parties have something to agree on, then back the agreement with something of value like money for instance, are both of legal age and in sound mind, have the intention to conduct the agreement,and finally, what they agree on is not a violation of any laws. In this case therefore, missing any of these contractual elements renders a contract void or voidable. This paper seeks to explore the contract that Shylock entered into a valid contract with Bassanio in The Merchant of Venice from Shakespeare’s play. The essay argues that Shylock and Bassanio had entered into a valid contract that was binding and therefore, enforceable by law as discussed in the elements constitute a valid contract.

In the Merchant of Venice Shylock who is Jewish moneylender agrees to advance a loan to Bassanio to a tune of three thousand ducats to be repaid in three months. As security for the debt, Bassanion assures him that Antonio will be his guarantor. However, Shylock doubts the possibility of Antonio guaranteeing the loan as most of his wealth is invested in businesses that have high chances of failing. Finally, he agrees to the deal and decides that his guarantor-ship will be sufficient for the loan. He however, seeks to speak to Antonio directly although they are not in good business terms. Shylock still shows his doubts with Antonio guaranteeing the loan. Antonio assures him that he is not into a habit of lending or borrowing money but he only feels inclined to help out his stuck friend Bassanio. After some period of confrontations due to past duels, in the spirit of extending friendship Shylock scraps the exorbitant interests he charges on his loans and makes it interest-free. As such he proposes that in case of default in payment as agreed Antonio to forfeit a pound of his flesh. Although Bassanio warns him against getting into such an argument he insists that he need not worry as there is no way he is failing to pay back the debt as his ships will soon create him wealth in excess of the debt (Niemeyer Kiel, 4). Shylock then goes straight to the notary to sign the bond as a witness of the newfound agreement.

To understand whether this contract was valid and therefore, enforceable by law we will analyze if it contains all contractual elements of a valid contract. To begin with, The bond is solidified verbally by the two men and in addition it is taken to the notary by Shylock. As such, a notary being a person with authority to undertake legal affairs having served as an impartial witness to the contract makes the bond legal and as such enforceable in the realms of the law. Although during Shakespeare’s time, contracts were in the form of social promises but not actually written law, these promises would be made formal and binding by way of witness from a notary. In this case therefore, it is clear that the contract was made in the context of the law and as such binding.

The contract contains both an offer and an acceptance. Bassanio approaches Shylock as he is in dire need of money. He makes an offer to Shylock to advance him a loan which he will repay in three months time with Antonio as the third party to guarantee the loan. On the other hand as a moneylender Shylock accepts the deal and accepts to get into this agreement formally. To this extent therefore, the contract contains both an offer from Bassanio and an acceptance from Shylock which are crucial elements of a valid contract.

The contract between Shylock and Bassanio contains a consideration which is the three thousand ducats loaned to Bassanio. This is to say that money in this case is the object to be exchanged between these two parties. As such, this exchange of value shows the consideration of the contract which a necessity in as far as the validity of a contract is concerned. The consideration is also backed up with something else of value and that is a pound of Antonio’s flesh to guarantee the commitment to the repayment promise made between the two contracting parties.

The contracting parties have the capacity to enter into a binding contract. According to the law, capacity to contract covers both the age of the contracting parties and their mental ability. For this reason minors and mentally incapacitated people cannot enter into a valid or rather a legally enforceable contract. From the Merchant of Venice we learn that both Shylock and Bassanio are grownups and as such age does not incapacitate them from getting into a binding contract. Also, the play does not depict any of the contracting parties as having a mental disability. Therefore, this means that as they entered into the contract the two were within their legal rights.

There is intent from both Shylock and Bassaino to get into the contract. This means that the two willingly got into the agreement without force or blackmail. Bassaino is in need of money and Shylock is a moneylender and therefore, the two gets into the contract on intention one in need of money and the other oner in need of interest. Finally, although there was an unethical aspect of the contract its object was very legal as such money lending during the times was considered a legit commercial business dealing with money as the product of exchange.

In conclusion therefore, as much as the contract between Shylock and Bassaino could be seen to contain some unethical elements that may render it illegal on some legal grounds going by the contractual elements of a valid contract it is evident that the contract between the two is valid, binding, and legally enforceable as seen in this paper’s discussion.

Works Cited

Niemeyer Kiel, The Judgement Against Shylock in the Merchant of Venice. Archive. N.d Accessed from https://archive.org/stream/jstor-1276185/1276185-djvu.txt on December 6, 2019.

The University of New Mexico, Elements of a Contract. Judicial education center. 2019. Accessed from https://jec.unm.edu/education/online-training/contract-law-tutorial/contract-fundamentals-part-2