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On Christmas Eve in Paris, the marriageable Monique Lepage meets with a potential suitor, who doesn't please her. This is a disappointment to her father, M. Lepage, an architect fallen on hard times, who wishes to marry off his daughter. Honoré, the family chauffeur and Monique's chaperone, drives her to the Palace Hotel, where she must return a fur coat that she has borrowed from her old friend Viviane, a kept woman, in order to fool the suitor into thinking that her family is rich. At the hotel, Monique discovers that Viviane is giving a Christmas party, and she decides to stay the night and pretend to be Viviane's younger sister "Ninon." Honoré tries to persuade Monique to leave the party, but she refuses, and later, Gérard Cardova, a rakish businessman who has fallen in love with "Ninon," bets Honoré his life's savings that he will make the girl his mistress before midnight on New Year's Eve. In order to woo "Ninon," Gérard hires an architect to design and build her a townhouse. Although Gérard does not know it, the architect is Monique's father, and when the two men go to look at the recently finished townhouse, Monique shows up, meets her father, and then hides before Gérard enters the room. When her father leaves the room, "Ninon" learns from Gérard that the architect's financial future depends upon the sale of the townhouse. She therefore accepts Gérard's lavish gift, who then promises to throw a Venetian ball that night, New Year's Eve, in her honor at the townhouse. When "Ninon" leaves and Lepage returns, he also accepts Gérard's invitation for himself and his daughter. At the costume ball, Monique conceals her face when she is introduced to Gérard by her father, and Lepage anxiously awaits "Ninon's" appearance. Monique pretends to leave and, believing that her father to has done the same, reappears as the famous "Ninon." Gérard, who now believes Lepage to be his beloved's "sugar daddy," starts a fight. When Monique introduces Lepage as her father, however, Gérard asks the older gentleman for his daughter's hand in marriage, and the lovers kiss, thus making Gérard the winner of the bet with Honoré. Viviane and her English lover also decide to wed and they embrace.