to exchange words; to converse; to exchange promises (occasionally used in older contexts to mean to become engaged)
昨夜、彼と駅前でちょっと言い交わしただけだ。
We just exchanged a few words at the station last night.
二人は将来の計画を言い交わしてから別れた。
They exchanged their plans for the future before parting.
昔は両家が婚約を言交わす場面がよく描かれた。
In the past, scenes where the two families exchanged engagement promises were often depicted.