You can discuss any ONE or more of the following.  use your own words.

What is your opinion of the Binomial Tree and as far as its relevance to valuations of options.
Which are more important in your opinion and why; one period and two period Binomial Trees and why.
Try to find and add to the discussion if you can using a real company option example of an American or European option and discuss its valuation and if you think its fairly priced and why.