Audio problem: Many times throughout this episode, the actors' voices echo, especially when Mike yells out to Peter (and vice versa) from different rooms.
Snow White and the Seven Bradys - S5-E3
Continuity mistake: During the play, Mike's "Prince Charming" hat disappears and then reappears when he leans over to kiss Carol. (00:22:15)
Answer: The dangling bracelet was used for dramatic purposes - to keep the audience on edge.