SEATED AT THE CONTROLS IN THE LEFT FRONT SEAT WAS A PLT WHO HAD NOT FLOWN IN TEN YEARS. SEATED IN THE RIGHT FRONT SEAT WAS THE OWNER/STUDENT PLT. THE PURPOSE OF THE FLT ACCORDING TO THE PLT, WAS TO FAMILIARIZE THE PLT WITH THE ACFT SO THAT THE PLT COULD BECOME CURRENT AND QUALIFY FOR HIS BIENNIAL FLT REVIEW. ACCORDING TO THE OWNER, THE PLT HAD JUST AGREED TO PURCHASE THE ACFT. THE ACFT WAS LANDED WITH EXCESS AIRSPEED AND A HARD BOUNCED LANDING OCCURRED. A LOSS OF CONTROL WAS IMMINENT. THE PLT REQUESTED THE OWNER/STUDENT TO TAKE COMMAND OF THE ACFT. THE STUDENT PLT TOOK CONTROL OF THE ACFT AND ELECTED TO GO-AROUND. DURING THE ATTEMPTED GO-AROUND THE STUDENT PLT RAISED THE NOSE OF THE ACFT TOO HIGH RESULTING IN A LOSS OF AIRSPEED WITH A HIGH ANGLE OF ATTACK. A DEPARTURE STALL RESULTED WITH THE ACFT STRIKING THE GROUND OFF THE DEPARTURE END OF RWY 34.