Roger Fallon, a confirmed bachelor who believes that all women are bad but fascinating, fends off women five years after his divorce.  When his former wife Doris asks him to draw up a trust fund because she plans to marry a man who cannot support her, Roger consents and consults smug, self-satisfied attorney Herbert Drake.  According to Drake, women are bad because men allow them to be bad, and he argues that it is an art to control women without letting them know that they are being controlled.  Drake further states that he has absolute trust in his wife Jeanne.

To get away from women, Roger and his friend Chipley Duff plan a yachting trip, but before they leave, Roger rescues a girl, Tallulah Hope, who calls for help in the water.  Tallulah, it turns out, is a guest of the Drakes.  Jeanne arrives on the boat and invites Roger and Chip to a party, where Drake, further perturbed by Roger's views, wagers $10,000 that Roger cannot kiss the first woman who enters the veranda within forty-eight hours.  When Jeanne enters, Roger offers to call the bet off to avoid embarrassing Drake, but Drake, insulted, insists the bet is on.

Jeanne, learning of the bet from Tallulah, coyly tells her anxious husband that it will allow her to learn whether she is a good woman or not.  After Jeanne goes horseback riding with Roger, allows him to kiss her hand and encourages his flirtations, Drake refuses to go with her to Roger's apartment for dinner.  Roger, who is falling in love, worries that if he kisses Jeanne, he will be left with a broken heart.

That night, Jeanne, drunk with champagne and falling for Roger, entices him, but Roger, sincerely in love, refuses to love her under the existing taudry situation.  Upset, Jeanne responds by saying that he couldn't be true to any woman because he is not even true to himself.  Drake, who followed and overheard the conversation, happily tears up Roger's check to pay the wager.  Before she leaves, Jeanne, curious to see if she missed anything, kisses Roger goodbye, to her husband's distress.