Length of time consideration

What is the name of your state (only U.S. law)? Illinois
Hello,
A former friend is now claiming my wife owes her about $220. I was sent a notice via Facebook that my wife owes this debt, and that we have 48 hours from the time it was sent. I didn't receive the message until hours later and informed the party that I would decide by the end of the week. They responded by saying I had even LESS time to decide.
We are considering paying the amount of debt that receipts are provided for IF the plaintiff signs a notorized document stating that the is the sum total of all debts owed and no further debts will be claimed.

My question is as follows
1. How much time do I legally have to respond?
2. Do I have to pay anything for which there is no receipt?
3. If this person refuses to sign and notorize the full debt document, how can I prevent her from suing again in the future? This person doesn't work, and I do, so this causes serious disruption in my life. What's to stop her from doing this over and over again?

Thanks

thechico said:

1. How much time do I legally have to respond?

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There is NO legal obligation for you to respond at all. She can press her claim in court for up to five years (Illinois SOL for verbal obligation).

2. Do I have to pay anything for which there is no receipt?

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You don't have to pay anything at all, receipt or not. And neither does your wife.

3. If this person refuses to sign and notorize the full debt document, how can I prevent her from suing again in the future?

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You can't.... so don't. No money without a signed RELEASE in FULL.

Simply create a document with the heading of "Settlement of ALL Claims" with the following:
1) Include both party names and addresses.
2) Describe the debt (amounts, dates, etc.)
3) Then a statement similar to:
"Notice is hereby given that upon receipt of (amount) which is hereby acknowledged, all claims against all parties in this matter have been resolved and both parties release the other of any future claims or demands on the obligation(s) herein described."
4) Provide a space for signatures and dates for BOTH parties.

Sign and pay. Copy to each.