Nothing so serious. You have a set of tasks to complete. For my second tandem jump, these were the freefall tasks:
Get into the correct position in the door
Give the hand signal for exit (instructor takes you out the door)
Achieve a stable arch position
Check altimeter
Perform a practice deployment handle throw
Check altimeter
Perform a second practice handle throw
Check altimeter
On command, make a 180 degree turn to the left
Check altimeter
On command, make a 180 turn to the right
Check altimeter
On command, track ( go from a stable arch to the tracking body position, this moves you forward relative to the ground) for five seconds
Check altimeter
Maintain a stable arch, checking your altimeter every five seconds
At 6000 feet, maintain a visual lock on the altimeter
At 5500 feet, wave off and pull the deployment handle
Then, once the parachute is deployed, the instructor will release the steering toggles and hand them to you. Then you start the canopy tasks;
Do three full landing flares
Check altimeter
Make a 90 degree turn to the left
Make a 90 degree turn to the right
The instructor will direct you to the holding area, steer the parachute to that location
Maintain the holding pattern to 1000 AGL
Fly the downwind leg, instructor will direct you to where you should turn base
Fly the base leg, instructor will direct you to where you should turn final
Fly the final
As you approach the ground, lift up your legs, and at your instructor's direction perform the landing flare
Tandems perform sliding landings rather than on their feet.
Oh, yeah, and if you want to hear the word "altimeter" pronounced like Catherine does every time you type it, watch this video: