The early moves of The Hobbit depend very much on this tension between ancient and modern reactions. It begins almost as a satire on modern institutions, with Mr. Baggins language particularly taking some shrewd knocks: the more familiar it seems, the more fossilized it is. […] Against this the dwarves' ceremonious style of salutation—'At your service!' 'At yours and your family's' 'May the hair on his toes never fall out!'—may seem pompous and indeed be insincere, but at any rate, it is about something, not just semantically empty. Similarly Bilbo, trying to be business-like, flees to abstractions, only to have the narrator expose them: '"Also I should like to know about risks, out-of-pocket expenses, time required and remunerations, and so forth"—by which he meant: "What am I going to get out of it? And am I going to come back alive?" THorin, though long-winded enough, does not talk about calculations, but things†: the dwarf-song which opens their conclave centres on the misty mountains cold and grim, on harps, necklaces, twisted wire, pale enchanted long-forgotten gold. […]

†The contract which he finally does deliver on p. 33 is typically more practical than Bilbo at his most business-like had thought. It covers profits, delivery, travelling expenses, but also defrayal of funeral expenses, 'by us or our representatives, if occasion arises and the matter is not otherwise arranged for'. This means, 'you or all of us may die, and also be eaten'. [pg. 73 in the 2d ed.]

"We are met to discuss our plans, our ways, means, policy and devices. We shall soon before the break of day start on our long journey, a journey from which some of us, or perhaps all of us (except our friend and counsellor, the ingenious wizard Gandalf) may never return. It is a solemn moment. Our object is, I take it, well known to us all. To the estimable Mr. Baggins, and perhaps to one or two of the younger dwarves (I think I should be right in naming Kili and Fili, for instance), the exact situation at the moment may require a little brief explanation-"
This was Thorin's style. He was an important dwarf. If he had been allowed, he would probably have gone on like this until he was out of breath, without telling any one there 'anything that was not known already.

I will find it perfectly acceptable. If after singing the song, and after Bilbo asks for more details, Thorin says something like:

"Here's the contract. Maybe you'll understand that better, hobbit."

I will embrace it.

But if the contract is played as a peculiarly dwarven characteristic, or as an extension of Thorin's windbaggery, I will find it hard to stomach, and certainly a misinterpretation of the book.