A man lost his temper and brandished a knife after telling a man who returned his dog that he did not want the animal back.
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John McDonald told the victim he would slit his throat and also hit him.
McDonald, 26, of Balmoral Terrace, Fleetwood, pleaded guilty to assault and possession of a blade in public.
Prosecutor, Pam Smith, said the victim saw McDonald’s dog was loose in the street so he took it round to the defendant’s home on April 12.
McDonald told the victim he did not want the dog back and there was an altercation between them.
The defendant then went into the kitchen and came out brandishing a knife.
Patrick Nelligan, defending, said very shortly after coming out of his home with the knife McDonald realised the error of what he was doing and took the knife back inside.
After this there was then a fight in which the victim was assaulted.
McDonald was bailed to appear at Preston Crown Court for sentence on May 30.