Your term paper should describe the world's flora and fauna for a geological period; you must choose a period that is Devonian or younger, because you are expected to describe land as well as ocean biota. You may not choose the Recent.
A good place to start is 'setting the stage', i.e. give the plate tectonic reconstruction of your world (e.g., how many continents? where were they?), followed by a description of the climate of the world. A good place to get the first information on both these topics is the website 'PALEOMAP' by Christopher Scotese. Another good source is 'Global Earth History' (Northern Arizona University). Short overview write ups on the various periods in earth history are available at the Berkeley web site.
Your term paper should include the following:
As a rule of thumb, I expect about 10 pages of text, excluding possible figures and tables, and excluding references. Figures are appreciated.
Use standard scientific referencing: refer in text to (name, year) or number the references, and append a reference list (alphabetical or numbered) at the end.