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The movie is a frank portrayal of intertwining sexual relationships between three upper-class couples in an unnamed city. Much of the film's plot involves various characters expressing sexual dissatisfaction and entering into affairs with each other, including a homosexual liaison. The characters are never named until the end credits, where they are given rhyming names such as "Mary", "Barry" and "Teri".

The film is a loosely based reflection of the restoration play The Country Wife by playwright William Wycherley. In this movie, the character Jerry (Ben Stiller) is seen directing a scene from this play with his students.