Peter Forbes, a young American millionaire, journeys to Paris and bets his friends Billy Baxter and Michael Cummins that he can live without his money for a month and, while doing so, get engaged to Looloo Caroll, a young woman he adores. She is in Paris with her parents and her best friend Joyce. The catch is that Peter has one month, until July 4, to throw their engagement party at the Chateau Madrid. Trying to woo Looloo while penniless, he endures humiliation. His first job is as a tour guide, but much to his dismay, he has caught the eye of Violet Hildegarde, a fur-buyer who sends risqué French postcards to her children ("Where Would You Get Your Coat?"). An aspiring singer, May DeVere, also becomes interested in Peter. Since Peter has no time, Looloo and Billy have begun flirting.[clarification needed]
Everyone goes to the racetrack, where Louis Pernasse tells Peter that the race is fixed and Toujours Moi will win, and he takes Peter's and May's money to place a bet. It appears that the horse has lost and Peter tears up his ticket, but the winner is disqualified and he has won. However, Looloo thinks he is being selfish in not sharing his winnings (since she had lent him some money) and leaves him ("You Don't Know Paree").
In another week, Pernasse is preparing a party for Looloo's mother, who plans to match her with a poor but titled Grand Duke ("The Queen of Terre Haute"). Mr. Carroll, distressed at the cost, gets drunk, and Looloo does not attend, as she has no desire to marry the Grand Duke.
On July 4, Peter is a dance-host at the Chateau Madrid. As all arrive, Billy and Michael are still chasing Violet and Joyce. Peter, with the pressure of the time-limit bet, proposes. Just then Pernasse tells him to dance with a customer and Looloo starts to leave, confused and embarrassed. Peter and Pernasse have words about the torn-up ticket and Looloo realizes that he was telling the truth. She trusts him and they become engaged as midnight arrives.
(5 female; 5 male)
Mrs. Emmit (Gladys) Carroll
Mr. Emmit Carroll