Acquiring story rights of unpublished work

A friend of mine has written a short story (in another language) and thought it would make a good film and asked if I was intertested in helping him do that. I transcribed his oral translation of the story and have expanded it into a feature-length screenplay. Under these circumstances, if I would like to make (direct) this film, what is the best, proper, legal and fair way to acquire rights to the story to make it into a film?

Thanks.
 
Unless you are leaving something out about you, your
friend and the short story I can't think of any better,
proper, legal and fair way to acquire rights to the story
to make it into a film than a written contract between
the two of you.
 
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