Parachute is a Game & Watch system released on June 19, 1981 ; it later appeared in Game & Watch Gallery 2, Game & Watch Gallery 4, Game & Watch Collection 2. In this game, the player controls a rowing boat, and has to catch smaller people parachuting out of a plane. If (s)he doesn't catch one, a shark lurking below will catch the person, and the player gets a miss. In Game & Watch Collection 2, there is also a game which combines this game with Octopus.
In the Modern version, Mario controls the boat, trying to catch characters parachuting from a flying ship, including Toads, Yoshis, and even Donkey Kong Jr.s. If a parachuting character falls into a cannon, it will be blasted back out. If a parachuting character falls into the water, a Boss Bass will attempt to eat it; eventually a Fishin' Lakitu will reel the fallen parachuter out of the water, and place him or her on dry land. Every 100 points, the cannon will shoot out several shots, each releasing three eggs, one that contains a Bob-omb (which causes a miss), one that contains a moon (for bonus points), and one that contains nothing. The number of shots goes up based on how many points the player has (100=1 shot, 200=2 shots, 300=3 shots, etc.)
Super Smash Bros. series
In Super Smash Bros. Melee, Mr. Game & Watch releases a parachute as one of his attacks. He does not retain this move in Super Smash Bros. Brawl, but does use a Parachute to float down after using his Fire attack.