The Cleavers are an all-American family living in Ohio – wise father Ward, loving mother June, teenage son Wally, and 8-year-old Theodore, better known as 'Beaver'. Beaver hopes to get a bike as a gift from his father and to please him tries out for his school football team and he makes it, only to be embarrassed. The bike he gets is quickly stolen. Meanwhile, Wally is trying to help his friend Eddie Haskell to get the heart of pretty classmate Karen, but Karen seems to like Wally more, and that leads to tensions between the friends.
