Spendthrift playboy Jerry Craig inherits an unsuccessful girls school from his now deceased aunt, who hoped to teach him responsibility. He reluctantly decides to run the school with the help of his press agent "Scoop" Oakland and friend "Sour-Puss." On the way to the school, they meet Joe, a wealthy amnesiac who believes he is Australian polo star Thomas J. Bloodgood, and use his money in exchange for a percentage of the school's earnings. After reviewing the old curriculum and strict regime, Jerry decides to renovate the place into a charm school. To secure a loan, Jerry uses Joe's prestigious, albeit mistaken, identity of Bloodgood as collateral. He hires famous performers as instructors and advertises in glamor magazines around the world. The school becomes an overwhelming success. Prim secretary Juliet Hay is smitten with Jerry and undergoes a transformation to attract his attention. Jerry indeed notices, but is engaged to society girl Eunice Holman. Joe falls in love with Dorothy, a student, who identifies with his lack of identity because she is an orphan. When Jerry sees a photograph of Thomas Bloodgood in the newspaper, he realizes that all the checks Joe has written are worthless and gets drunk. Juliet confesses to being in love with him, but also that she has lost interest because of his cowardice and drunkenness. Inspired by her reprimand, Jerry and Sour-Puss try to determine Joe's true identity. Jerry proceeds with commencement, which consists of a music and dance review, despite the fact that Detective Brown has come to investigate Joe's checks. Brown reveals that Joe is actually Joe Penner, who has been missing for months, and that no matter how he signed his checks, the money is good. Jerry turns the school over to Juliet's supervision, and then announces his engagement to her.