IEW curriculum, my children were learning about the basic elements of a story -- Setting and Characters, Conflict / Plot, and Climax / Resolution. We discussed how every story needs to contain these same basic elements.
As a related assignment, they wrote a story borrowing a conflict and a resolution from a story they already knew, but creating the characters, scene, and setting themselves. They rewrote The Boy Who Cried Wolf with a medieval theme, The Squire Who Cried Dragon.
They produced excellent papers and even had a little fun completing the assignment!