Diana Medford is a vivacious young socialite, whose basic integrity is hidden by a reputation for dancing, parties and popularity with men. Her more reserved friend, Beatrice, carries the guilt of a past indiscretion that makes her feel unworthy of her boyfriend Norman’s proposal of marriage. Another friend is Ann, who is dating Bea’s brother Freddie, even though her mother continually pressures her to find a wealthier man to marry. Groomed by her mercenary mother, Ann tries to mask her calculating character with a false veneer of innocence and purity. During a private party at a yacht club, as the carefree Diana dances for her friends, her uninhibited performance piques the interest of Ben Blaine, who observes her from an adjoining dining room. Later, one of Diana’s admirers recognizes Ben, who is a former college quarterback, and, inviting him into the party, introduces him to Diana. Ben and Diana are instantly attracted to each other, although Ann, upon hearing that Ben is the son of a millionaire, tries to lure him away. Early in the morning, when Diana returns home, she describes Ben as “divine” to her mother and says he is different—more serious—than her other admirers. Meanwhile, Ann’s mother looks up Ben in Bradstreets and orders Ann to pursue him. The following weekend, when the group has an outing in a park, Diana manages to get Ben alone and they ride horses to a secluded beach. Although strongly attracted to Diana, Ben has misgivings about her because of her reputation for wildness. They kiss passionately, but Diana breaks it off before the lovemaking gets out of control. Later, as Diana and Bea dress for a party, Diana tells her that she loves Ben and confides that she expects him to propose to her. That evening, Ann pretends to have a headache, then manipulates Ben into taking her to the same beach. There, she tells Ben that she dreams of a husband and children and subtly disparages Diana’s “modern” behavior. When Ben and Ann join the others later, Ann’s mother asks publicly if they have an “announcement” to make, which prompts Ben, misled by Ann’s pretenses of hominess and Diana’s carefree reputation, to allow himself to be swept away into an engagement. Later that night Ann comes to Bea and Diana’s room to brag. When Ben and Ann marry, the heartbroken, bewildered Diana asks her parents why men prefer a deceitful woman to one who is honest, and bitterly concludes that men want flattery, trickery and lies. Although Ann’s letters to Diana describe a romantic honeymoon, her notes to Freddie express boredom. When the newlyweds return, Ann, secretly disdainful of Ben, continues her involvement with Freddie, all the while spending Ben's money on jewels and clothes. Meanwhile, Norman convinces Bea that he loves her, despite her past, and they marry. Later, however, his suppressed doubts begin to surface and he admits that he wishes that she were “only his.” Presuming Bea’s former lover is one of the men in their group, Norman increasingly isolates her from their activities, and the lonely Bea begs Diana to visit. While Diana is visiting, several of their male friends drop by, despite Bea’s attempt to dissuade them, and when Norman finds them there, he becomes resentful and suspicious. Unable to forget Ben, Diana decides to spend a year abroad. On the night of a bon voyage party Bea is giving for Diana, Ben, who has no plans to attend, discovers Ann’s infidelity and deception. Confronted, Ann throws a tantrum and goes out with Freddie, with whom she gets drunk. Alone, Ben decides to go to the party, but after greeting Diana, he is unable to enjoy himself and eventually wanders up the stairs to a quiet lounge. There he unexpectedly finds Diana, who has also sought solitude, and admits to her that he made a mistake. Meanwhile, against Freddie’s wishes, Ann insists on attending the party with him and finds Ben and Diana together. She tries to involve them in a scandal by publicly accusing them of infidelity, but when Diana retains her dignity and stands up to Ann, the crowd loses interest. Later, outside, as Diana waits for her car, she and Ben acknowledge that they love each other, even though they can never be together. As the last party goers leave, Norman looks for Bea and finds her upstairs with the drunken Ann, who plans revenge on Ben and Diana. Bea asks Norman’s help in getting Ann home, but Ann stubbornly stops at the top of the staircase to taunt the cleaning women on the floor below. As she rants that, instead of cleaning floors, they should have their pretty daughters marry rich men, she slips and stumbles down the stairs to her death. Two years later, as reported by the society columns, Diana returns home, where Ben is waiting for her.