The Ricardos get dolled up to celebrate the Mertzes' 25th wedding anniversary. They're planning to give them a television set and proceed to move it downstairs to the Mertzes' apartment. When the Mertzes arrive, they're pleasantly surprised and they all go inside the Mertzes' apartment.
Ricky plugs up the TV and the image is not clear, so he begins making adjustments, seemingly eager to prove that he seems to be the only one able to operate a television set. The picture is still not as clear as he'd like, so he unplugs the television, takes off the back panel, and sees that there are two wires that are not connected. Fred reads the warning on the back panel, but Ricky brushes it off, saying that the warning is for people who don't know what they're doing. Ricky, in spite of Fred's concerns, connects the two wires, plugs in the TV and it explodes.
Ethel and Fred express their displeasure at the recent turn of events, sparking an argument between the Ricardos and the Mertzes (this marks the Mertzes' and the Ricardos' second fight with each other). Ricky argues that he didn't do anything wrong and that the faulty wiring was to blame for the mishap. He also points out that the Mertzes' TV was just like his and Lucy's. Fred shoots back that his and Ethel's TV is not like the Ricardos'--theirs works! Getting an idea, Fred scurries up to the Ricardos' apartment and kicks in the screen to their television set, remarking that now their television set is like theirs. Threats of a lawsuit are made (unless each side agrees to pay the damages). The next day, a gentleman drops by the Ricardos' under the pretext of getting Ricky's autograph. He obliges, unaware that he has just signed acknowledging receipt of a court summons! Lucy suggests that they hire a lawyer, but Ricky refuses and begins to prepare his case against the Mertzes.
During the court proceedings, the Ricardos and the Mertzes testify in court, with each side padding its case and exaggerating their account of what happened to the television sets. Unable to make any sense of the testimonies, the judge decides to use his own television set to re-enact what happened. He sternly warns the Mertzes and the Ricardos of the consequences of committing perjury. Both sides recant and give more truthful accounts of the events leading to the destruction of their television sets. It is then discovered that the judge's set also has two wires that were not connected. The judge then has the foursome go into his chambers to talk things over and apologize to one another. Moments later, the Ricardos and the Mertzes emerge from the judge's chambers with smiles, concluding that good friends were indeed worth more than the price of a television set. Each side agreed to pay for the other's damaged sets, shake hands with the judge, and exit the courtroom (after the judge suggests that "we must never lose our tempers"). The judge goes to his television set, reconnects the wires (which causes an explosion), and kicks in the screen.