Bank Data Center Contract 5th National Bank enters into a lease for a portion of its data center with Data Info Company. The lease contract does not explicitly specify the equipment to be used to fulfill the contract; however, because of security measures in place for its customer data, Commercial Bank imposes specific restrictions on the equipment to be used. Although Data Info Company has multiple data centers that are interchangeable and can service multiple customers at one time, the arrangement with 5th National specifies the type of equipment to be used to fulfill its contract and imposes restrictions on access and substitution for the duration of the contract.

Required:
Does the contract specify an asset to be used to fulfill the contract?

Automobile Hood Ornament Contract Specialty Company enters into a contract to provide Jupiter Motors with hood ornaments for its cars. The contract does not explicitly specify the equipment to be used to fulfill the contract. Specialty Company designs and custom builds a die in the shape of Jupiter Motors logo specifically to produce the hood ornaments. Jupiter Motors is involved in ensuring the machine meets their specific standards.

Required:
Does the contract specify an asset to be used to fulfill the contract?