What is true of the gift process?

The gift process encompasses several key elements, one of which is the requirement for both intent and physical transfer. For a gift to be legally valid, the donor must have a clear intention to give the gift, and there must be a physical transfer of the item or property from the donor to the donee. This establishes the completion of the gift transaction and signifies the donee's acceptance of the gift as well.

The intent manifests through the donor's willingness to relinquish ownership, while the physical transfer provides tangible evidence of the gift. Without these two critical components, the designation of a gift may be questioned, as the law seeks to protect the intentions of both parties involved in the transaction.

In contrast, other options do not capture the necessary aspects of the gift process. For example, merely requiring the donee's acceptance ignores the essential aspect of donor intent and the actual transfer of ownership. Indicating that a donor can revoke a gift at any time misrepresents the finality of the gift process once it is completed. Lastly, framing the gift process as solely based on monetary value overlooks the broader range of items that can be given as gifts, which may hold sentimental value rather than just financial worth.