When Pony’s English teacher takes “into consideration the circumstances” of the past few weeks, what assignment does she give Pony?

In Chapter 12, Ponyboy's English teacher approaches him and tells him he's failing class, but if he can write a good semester theme, he will get a C, "taking into consideration the circumstances." The English teacher says the theme should be on "anything you think is important enough to write about." Ponyboy reacts sarcastically, although he is polite to the teacher, and leaves.