It is completely free to use and comes under the GPL v2 license. 
Some important features of OpenJDK are mentioned here. Open JDK is an open source implementation of the Java Standard Edition platform and can be used as an alternative to Oracle JDK.
It is better for commercial Java application development. It includes many open source and third party commercial components. It includes Java plug-ins and Java Web Start. It is available in both free and commercial versions and is subject to the Oracle Binary Code License Agreement. Many new features are added in the new version of Oracle JDK. Now it is being serviced by the Oracle team. Oracle JDK was previously known as SUN JDK and was the official proprietary implementation of the Java language. One is OracleJDK (Oracle Java Development Kit) and another is OpenJDK (Open Java Development Kit). There are two ways to install JDK on any operating system. If you want to develop Java applications, you need to install JDK. JDK consists not only of JRE, but also of all the necessary tools for compiling and debugging Java code. JRE consists of all the necessary libraries, Java Virtual Machine (JVM), plug-ins and Web Start to run any Java application. You can use Java by installing JRE (Java Runtime Environment) or JDK (Java Development Kit). So you need to install Java in order to use other applications and develop Java applications. There are many applications that will not work without Java. 
Java is not included in Ubuntu by default.
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