Four couples hold on to their college friendships by reuniting every December for a white elephant party. This is not your average gift exchange, however. There are very strict rules and the gifts are spectacularly creative. And this year will be the most memorable yet, as one is hiding an engagement ring, and another is hiding her pregnancy. Of course, nothing goes as planned, and all of their relationships and friendships are put to the test. And only one thing can fix it...Presents.