Question

Where are Portia and Bassanio? What has just taken place which makes Portia to speak these words? What was the inscription given in the lead casket?

Answer 1

Portia and Bassanio are in a room in Portia's house at Belmont.
Portia speaks these words when Bassanio says that he is doubtful that all what he sees is true or not until it is fully confirmed, signed and approved by Portia.
The lead casket read that 'Who chooseth me must give and hazard all he hath'.