Newman blames Kramer for his speeding ticket; Jerry and George are offered a deal at NBC.

Jerry must be at his most creative when he has to explain to his visiting parents why he isn't wearing the watch they once gave him -- a timepiece that Jerry discarded in a trashcan. And pal George stupidly throws away the pair's fledgling series commitment from a TV network.

When Jerry's mom and dad come for a visit, Jerry desperately tries to buy back the watch the bought for him, which was recovered by his Uncle Leo after Jerry had thrown it in the trash. Across town, a sweaty-palmed George tracks down a TV executive to negotiate his series deal -- at a lower figure.