The word 'colloquy' often implies a discussion with a thoughtful, earnest tone, not casual chat. The two philosophers were deep in colloquy, barely noticing the time passing.
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Formal Context
'Colloquy' is used in formal or academic settings, rather than everyday conversation. During the conference, there was a colloquy on the latest scientific research.
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Limited Participants
A colloquy usually involves two people, but can sometimes include more, focused on close communication. The director entered into a colloquy with the lead actors about the film's vision.