Read the case study and then answer the questions that follow.

Case Study

Ira Schneider and Gina Rio decided to form a partnership and open a pizzeria. They agree that Gina will be in charge of acquiring the equipment for the restaurant and Ira will shop for a building to purchase for them to use for the business. Because neither Ira nor Gina has much business experience, they fail to put the terms of their partnership agreement in writing.

While shopping for a building for their newly formed partnership, Ira finds a piece of property that is in foreclosure. Because the corporation that owns the property is eager to sell it, they are offering it at 50 percent of its current market value. Ira decides that instead of buying the property for the partnership, he will purchase the property himself, make some improvements, and then try to resell it for a large profit.

When Gina finds out that Ira purchased property for his personal gain while he was supposed to be acting on behalf of their partnership, she calls the law firm you work for to find out about what options she might have. At this point, she does not want to continue the planned partnership, but she would like to recover money from Ira because she claims he violated his duty of good faith toward the partnership. Gina thinks she is entitled to 50 percent of the profits from the resale of the building that Ira purchased. Your supervising attorney has some concerns about taking her case to trial. First, he is concerned about the lack of a written agreement and how this might affect proving your client's case. Second, he is concerned that Ira has few assets, so even if your client wins the case, it will be difficult to enforce any monetary judgment. Because of these concerns, your supervising attorney thinks a settlement is probably the best option.

What type of document would your supervising attorney most likely ask you to draft and send to Ira in hopes of convincing him to settle this matter without going to court?

a. A settlement agreement

b. A release

c. A dismissal

d. A settlement summary