The Buddha's Noble Eightfold Path is divided into three divisions. Wisdom, Morality (Ethical Conduct) and Concentration. Right Speech is the third element of the Noble Eightfold Path and is related to Morality together with Right Action and Right Livelihood.
Right Speech starts with understanding the Suffering that is caused by false speech. Words can be very harmful. Words of fear will sow fear. Words of Love and Compassion will sow Love and Compassion. What is sawed will be reaped. That is the law of Karma.
Right Speech also starts with understanding that most human beings do not listen with the intent to understand, but with the intent to reply. One who is able to listen with Focus will be able to listen in greater depth that leads to Right Understanding. In turn, Right Understanding improves Right Speech.
Right Speech is to speak out that which is Wholesome. Refrain from gossip, dramatizing and cruelness. Practice to speak honestly and ensure Balance. Understand what enormous impact your words have. Your words influence one's thoughts and these thoughts influence that person's quality of life.
Treat the person, or living being, as you would like to be treated. Remember this when speaking to and about this person or living being.
Right Speech is also to speak honestly. Speak with Courageous Effort also if the message that you have to bring across might not be the message that someone wants to hear. Right Speech does not imply speaking out your sympathy with someone else's situation. It is understanding the person, the situation completely and communicate this through Right Speech. For instance to advice someone not to enter a talent show if there is a complete lack of talent is an example of right speech, not false speech.