"A man (James Dunn) and woman (Sally Eilers), skeptical about romance, nonetheless fall in love and are wed, but their lack of confidence in the opposite sex haunts their marriage."
I don't know where the saying originated that, as an actress, "you're more likely to win an Oscar if you have a nude scene" (or had one in the past), but our first example of a drawn and approved nipple represents an Oscar-winning oldie. Frank Borzage won a directing Oscar and Edwin J. Burke won Best Adapted Screenplay.
This film was released pre-enforcement of the Production Code -- which was drafted in 1930, but didn't go into into punishable effect until 1936 -- but we're sure the board would've had it in for this poster for having a "nipple point on right breast, and extra shading -- where the areola would be -- on the left breast." However, maybe there'd be a pass because obviously, she's a "bad girl." So she probably gets properly punished or something.