(Ferrell's Slash... the one on the right is currently a work in progress.)
You are to pick a project you have done in your past 3 years that needs to be redone, or you really enjoyed so much you would like another attempt at it. This project is to reflect your gained skills and knowledge over the years that you may have lacked in your first attempt.
Once a project is picked you need to write up a contract upon which we will both agree upon. This write up should reflect your different approach, media, and what you hope your outcome to be.