A bond is an animal, with whom common blood is often shared, who is bonded to a particular elf for the entirety of the animal's (or in some cases, the elf's) life. With Wolfriders, they have a blood bond with their wolfpack, and individuals have respective bonds of their own. Most usually, a Wolfrider has one wolf-friend, just like one wolf has one elf-friend. Wolfblooded elves have an exceptionally profound empathy with their bond friends. The wolves with elf blood can "send" or communicate telepathically, but their sending mostly contains emotions and images. The more elf blood a wolf has flowing in its veins, the more clear and concise the images are, sometimes even containing words, if the blood is concentrated enough. Because wolfblooded elves understand wolves' body language, they can communicate in this manner as well.
A pet is an animal with whom a particular elf has developed a friendship with. Often times, compassionate elves will take in an injured animal and nurse it back to health, and the animal, when well, will choose to stay with the elf as a companion. It is hard to keep pets, though, when you have a pack of wolves who view most would-be pets as fair game.