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School not liable?

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My daughter has been selected to be a peer counselor(7th grade) and will need to attend a retreat in order to participate. The permission slip included a "limitation of liability" statement as follows:"I (the parent) assume all risks, hazards and costs incidental to such participation. I agree to release from liabilty the "Virginia" school, its administration, staff and employees for any injury, damage or loss suffered by the (child) during the retreat".
Question--does the concept of reasonable and customary care still apply or could they, for example, allow the kids to play in traffic and not bear any responsiblity for the consequences?
 



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