Beaver's class is having a pet fair, with a prize going to the child whose pet is voted best by the class. The problem is, Beaver has no pet. When Beaver brings this subject up to his dad at breakfast, Ward enumerates the various pets Beaver has had over time and how he didn't take care of any of them.
When everyone is asked that day at school what pet they are bringing, and Beaver realizes he is the only kid in the class without a pet, he lies and describes an expensive parrot that is in the local pet store that is able to repeat quite a few phrases and even sings. But now he's on the hook - His dad has already said there will be no last minute pet purchase at breakfast, and he doesn't want to lose face when he goes to school the next day. How will this all work out? - Watch and find out.
This episode really hearkens back to the days when all children in a particular school could be assumed to come from middle class two-parent backgrounds that could even afford a pet. Also, note that the pet store owner is somebody that everybody knew and could make side deals as an executive decision. No Pet Smart is going to do that today - the manager has no real authority.
I also liked June's story that she told about how she had told everybody at school that her mother was "Laverne Laverne" an apparent famous actress of the time and how her mother had made her get up in front of the whole school and admit the lie. June still remembered this 25 years later and not in a good way. Sometimes the lessons of childhood come at a high price.