Ward must make a decision when a conflict develops concerning which son to spend the weekend with. He can either go on a fishing trip with Wally or take Beaver on a father-son weekend. Thinking Ward is going to go fishing with Wally, Beaver makes up a wild story when his classmates start to tease him.

Being Beaver's godmother, Aunt Martha sends him a gift of a ring that had once belonged to an uncle who was also named Theodore. June cautions Beaver that she doensn't want him taking it to school, but he sneaks off to school with it anyways. This leads to a confrontation between his peers that ends with him getting the ring stuck on his finger.