The hire of custody1 is a form of bailment comparable in some respects to that of deposit2. The two forms of bailment, however, differ materially in that whilst in deposit there is no reciprocity of advantage, all the benefit being conferred on the bailor, in the contract of hire of custody there is a mutual advantage to both the owner of the chattel and the person who undertakes to keep it safely for reward3.
The contract of custody for reward, which is consensual4 and need not be evidenced by writing, requires for its inception the concurrence of the following conditions:
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