Webster's Revised Unabridged Dictionary · 1913

Parley

Parley , noun

[French parler speech, talk, from parler to speak, Late Latin parabolare, from Latin parabola a comparison, parable, in Late Latin, a word. See Parable, and compare 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
Collocations (1)
To beat a parley (Military) , to beat a drum, or sound a trumpet, as a signal for holding a conference with the enemy.

Parley , intransitive verb

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. — Shakespeare