It is an 18-sec. or longer color short film, plus a 3 sec. title. The story and style is up to you. It has a beginning (situation), middle (conflict), and an end (resolution), and a minimum of these requirements: 

One main character minimum. You may have additional characters.
One walk cycle
Two seconds of lip sync
Three settings (backgrounds)
Two camera moves such as zooms, pans, etc.
Two transitions such as fades, dissolves, etc.
Aim for about 50% fully keyed and tweened animation, and about 50% limited animation such as looping actions, long holds, blinks, or recycling parts of the animation. 
Simple music and two sound effects (download SFX at www.findsounds.com )