I think that if you and your dad walk into the Toys R Us with the bike and ask for your money back, you will get it. Just say it doesn't fit or something, not liking it might not be a reasonable excuse.

Is the Free Spirit in pretty good shape, apart from the wheel? It may be that you can repair that for a cheap price, say 15$, and with that remaining 65$, you can buy something cheap on CL and then you and your dad can both go for a ride.