What is the best way to handle a situation where one of the presents a child gets is either bad (broken toy); or a dangerous toy for their age (fully functional real Ninja sword); or inappropriate (adult party game, religious item from another religion).
The assumption here is that the child was present for the unwrapping and already saw the present and may get excited over the item immediately.
While the obvious grown-up advice is to return the present with the return reciept; I have almost never observed child presents having return reciepts so that's not an option.
Age range late preschool or elementary school.
This question specifically pertains to handling the gifts from the perspective of your child, NOT how to handle the situation with the person who have the bad gift afterwards