This flapper prevents water from backing up into the manifolds & risers.
There is one flapper for each side of the "Y" pipe.
These flappers are sold each (not by the pair).
Fits:
Various OMC Cobra / Volvo 1988 & Up - Some...
Reviews
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Four Winns Exhaust Flappers & Bushings
The flappers were slightly different than my original OEM ones, but they fit just fine. The bushings were identical and also fit well. Shipping took a few days, but I wasn't in any big hurry. So it worked out well!