Sharon has contracted with Craig to buy Craig's car. She has agreed to pay $5,000 in cash in exchange for the title and registration for the vehicle. Sharon and Craig agree to meet at 10 a. m. on Wednesday to exchange their consideration. Unfortunately, Craig dies Tuesday evening. a) the contract automatically terminates due to impossibility caused by craig's death. b) the contract automatically terminates due to impracticability caused by craig's death. c) the contract is still valid and craig's heirs must go through with it based on the agreed terms. d) the contract is still enforceable; however, craig's heirs may renegotiate the terms because they are now the owners of the car.

Alpine west, inc., operates a downhill ski area near lake tahoe, california. an all-day, adult ticket can be purchased for $55. adult customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from december 1 through april 30. the season pass is nontransferable, and the $450 price is nonrefundable. alpine expects its season pass holders to use their passes equally throughout the season. the company’s fiscal year ends on december 31. on november 6, 2009, jake lawson purchased a season ticket. required: 1. when should alpine west recognize revenue from the sale of its season passes? 2. prepare the appropriate journal entries that alpine would record on november 6 and december 31. 3. what will be included in the 2009 income statement and 2009 balance sheet related to the sale of the season pass to jake lawson?