Replacing steeds or hirelings.

[Squaty]

So steeds count as items, which you can't discard "just because." If I have a better steed in my hand I'd like to use, what are my options? What's the most common approach to replacing your steed?

Also how do I do the same for hirelings I wish to replace? They aren't items, so may I just say "I don't wanna orc hireling anymore, now I want a dwarf hireling" similar to changing race/class?

On a related note, what are the limits to "trade"? The rules explicitly say you may trade for goods OR services (e.g. I'll give you this potion if you DON'T help Skippy during his next combat). Could you "trade" an item to someone else in exchange for a hearty handshake, good karma, words of encouragement, or other intangibles, just so you can free up a slot that you would like to use for something else (assuming you could find a Munchkin who would cooperate)?