A gift or a present is an item given to someone without the expectation of payment or return. An item is not a gift, if that item, itself, is already owned by the one to whom it is given. Although gift-giving might involve an expectation of reciprocity, a gift is meant to be free.
In Christianity, a spiritual gift or charism is an endowment which may be given by the Holy Spirit. These are the supernatural graces which individual Christians need (or needed in the days of the Apostles) to fulfill the mission of the Church.
Gifts can be sold to merchants or given to certain companions to influence their approval ratings. The party members appreciate their gifts, more or less, depending on each gift's value and their personal motivations. There is a limited number of gifts in the game.