Danny O’Neill (Fred Astaire), and Hank Taylor (Burgess Meredith) are friends and rival trumpeters, with “O’Neill’s Perennials”, a college band. Both of them have managed to prolong their college career by failing seven years in a row. At a performance, Ellen Miller (Paulette Goddard) catches Danny and Hank’s eye. She serves them a collection notice for her boss, a debt collecto…