Source : Webster's Revised Unabridged Dictionary (1913)

Parley \Par"ley\, n.; pl. {Parleys}. [F. parler speech, talk,
   fr. parler to speak, LL. parabolare, fr. L. parabola a
   comparison, parable, in LL., a word. See {Parable}, and cf.
   {Parliament}, {Parlor}.]
   Mutual discourse or conversation; discussion; hence, an oral
   conference with an enemy, as with regard to a truce.

         We yield on parley, but are stormed in vain. --Dryden.

   {To beat a parley} (Mil.), to beat a drum, or sound a
      trumpet, as a signal for holding a conference with the
      enemy.

Parley \Par"ley\, v. i. [imp. & p. p. {Parleyed}; p. pr. & vb.
   n. {Parleying}.]
   To speak with another; to confer on some point of mutual
   concern; to discuss orally; hence, specifically, to confer
   orally with an enemy; to treat with him by words, as on an
   exchange of prisoners, an armistice, or terms of peace.

         They are at hand, To parley or to fight; therefore
         prepare.                                 --Shak.

Source : WordNet®

parley
     n : a negotiation between enemies
     v : discuss, as between enemies