Like normal contracts Hunts are radiant, and built from the ground up to be dynamic to allow a rich and fresh experience with each one you accept. These quests are for the player to track and kill an animal or creature causing people trouble. As your Hunting Skill increases you will come across higher level creatures, more challenging hunts, and earn bigger rewards. You may earn rewards such as weapons, armour, guild advancement, and you may even earn property.
During the long Hunts (the bread and butter of this feature) everything from the animal you're hunting, the clues you'll need to find, the location, and even the story being told through your quest journal, will be radiantly selected to offer a new experience every time. Every single long Hunt contract you accept will be unique in it's own way. Even when you've already carried out a number of Hunts for the same town!
Although most of the hunts you'll be given will be long tracking quests, you may simply get the odd short-and-sweet "Go kill some creature in Some Cave" contracts. There will be variety. Here is a video showing how you will obtain hunts:
Hunts will work similarly to the Great White Stag quest. However, coupled with your Hunter's Instinct ability, these will be much more fun.