Final answer:
The act of throwing lumber overboard from a ship during a storm to lighten the load and save the ship is called Jettison.
Step-by-step explanation:
When a ship loaded with lumber encountered "the perfect storm" and some of the lumber was thrown overboard to save the ship, this action is referred to as C) Jettison. Jettison is the act of discarding cargo or equipment from a ship, aircraft, or vehicle in distress to lighten the load and help prevent disaster. The practice of jettison has a long history, being recognized in maritime laws, and is considered a last resort action when the safety of the vessel is at stake. Other options provided, such as Overboard Dump, Peril of the Seas, and Barratry, do not correctly describe this specific action. Barratry, for example, usually involves intentional wrongdoing by the ship's master or crew, while Peril of the Seas refers to the risks inherent to sea travel and Overboard Dump does not necessarily imply an emergency situation.