Contarino confronts Ercole about Jolenta. In their duel, both are seriously and almost fatally wounded, before they are discovered and brought to medical attention. Romelio is informed that the law of averages has caught up with his trading ventures, and that three of his carracks have been lost at sea. Ariosto, who brings the news, tries to counsel patience and fortitude to Romelio, but the arrogant merchant has no time for him. A false report reaches Romelio and Leonora that both Ercole and Contarino are dead; Leonora is devastated by the news of Contarino's loss. Contarino's last will and testament, delivered to Romelio, names Jolenta as his heir. Both learn, however, that each of the duellists is still alive; Leonora rejoices.