Let $V_0 = \{s \neq t\}$ and $V_1 = \{s \neq -t\},$ which together give an open cover of $\mathbb{P}^1.$ Let $L'$ be the line bundle defined by the transition functions $h_{01}: V_0 \cap V_1 \rightarrow GL_1(\mathbb{C})$ is $h_{01}([s:t]) = ((s+t)/(s-t))^2$ and $h_{10} : V_0 \cap V_1 \rightarrow GL_1(\mathbb{C})$ is $h_{10}([s:t]) = ((s-t)/(s+t))^2.$
What would global sections on $L'$ look like? The hint is to find functions $s_0: V_0 \rightarrow \mathbb{C}$ and $s_1:V_1 \rightarrow \mathbb{C}$ which patch together, but I don't understand what it means for functions to patch together.
What would the basis of $\Gamma(\mathbb{P}^1, L')$ look like?
The other answer has the general theory of functions patching together covered pretty well, but there's an important difference for line bundles specified in terms of transition functions. For a line bundle $L$ on a space $X$ given in terms of a collection of transition functions $h_{ij}$ for an open cover $U_i$ of $X$, a global section is equivalent to a family of sections $s_i\in L(U_i)$ for all $i$ so that $s_i = h_{ij} s_j$ on $U_i\cap U_j$.
In our case, there's only two open sets in our cover and $h_{01}=h_{10}^{-1}$ where both are defined, so we only have one equation to worry about: $s_0 = \frac{(s+t)^2}{(s-t)^2} s_1$ for $s_i\in L(U_i)$. So in order to find global sections we'll need to find sections $s_0,s_1$ satisfying this equation.
First we need to identify $L(U_i)$. As both $U_0$ and $U_1$ are isomorphic to copies of affine space and $L$ is trivial on each of them, we know that we'll get a polynomial algebra in one variable over $\Bbb C$ as $L(U_i)$. For $U_0$, we can take our coordinate for affine space to be $\frac{s+t}{s-t}$, and for $U_1$ we can take our coordinate to be $\frac{s-t}{s+t}$, so we have that $L(U_0)=\Bbb C[\frac{s+t}{s-t}]$ and $L_1=\Bbb C[\frac{s-t}{s+t}]$.
From looking at our equation, we see that $s_0$ should be a polynomial in $\frac{s+t}{s-t}$ of degree at most two and similarly $s_1$ should be a polynomial in $\frac{s-t}{s+t}$ of degree at most two. By writing $s_0=\frac{p(s-t,s+t)}{(s-t)^2}$ and $s_1=\frac{q(s-t,s+t)}{(s+t)^2}$ for homogeneous degree two polynomials $p,q$ , we see that our equation forces $p=q$ and so by specifying $p$ we can think of a global section as a homogeneous degree two polynomial in $s-t$ and $s+t$. So we can think of a basis for the homogeneous polynomials of degree two as a basis for the space of global sections of this line bundle.