Final answer:
A gift letter usually states the purpose of the gift and the gift's market value. Recipient's favorite color and sender's financial status are not typically involved.
Step-by-step explanation:
In the context of gifts and gift-giving, a gift letter typically specifies the purpose of the gift and the gift's market value. The purpose of the gift indicates why the giver is giving the gift, essentially explaining the intent behind it. The gift’s market value is the amount that the gift is worth in the current market, usually important for tax considerations.
The recipient's favorite color or the sender's financial status are not typical elements included in a gift letter.
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