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I bought a bicycle from a sporting goods store a few years back. Before they would let me take it home, I had to sign and initial my name perhaps twenty times in a small booklet describing all of the safety precautions and checks required to operate the bike safely. I wonder if Walmart does this too?

We bought a bike there and I don't remember signing anything. My FIL works on bikes so we had him look it over before my son rode it.

I am an avid cyclist. I have an 18 speed bike that I ride many miles per week. I rode in the Bike Ride Across Georgia last year (396 miles in 7 days). I would like to make these points:
1) How old was the boy? Children are not held to the same level of care in a court of law on the issue of contributory negligence.
2) The bike was purchased for his sister. The bike may have been purchased for her size and may have been too big or too small for the boy, making is harder for him to control the bike.
3) When you purchase a bike in a bike shop, the seat is adjusted to fit the person along with the size of the bike. The rider is instructed in how to use the braking system, which is generally a rear and forward brake on each wheel. Riders are generally warned not to use the front wheel brake first. Also, brakes are always checked prior to leaving the shop.
4) Most bikes come with an instruction book and explain safety instructions.
5) What was the terrain like at the place of the accident? Was the boy going downhill. Even a kid on an inexpensive bike can get up to 40MPH on some hills in North Georgia.
6) The boy should have tested the braking system prior to that particular incident. Most riders would need to use the brakes at some point if there were any hills, stops or sharp curves.

There is a lot we don't know, so I will reserve judgment. However, if the brakes failed after the boy was familiar with the bike and had tested the brakes earlier, and the failure was mechanical (defective), the family may have a case.