The Collaborative International Dictionary of English v.0.48:

Dalliance \Dal"li*ance\, n. [From Dally.]
   1. The act of dallying, trifling, or fondling; interchange of
      caresses; wanton play.
      [1913 Webster]

            Look thou be true, do not give dalliance
            Too much the rein.                    --Shak.
      [1913 Webster]

            O, the dalliance and the wit,
            The flattery and the strife!          --Tennyson.
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   2. Delay or procrastination. --Shak.
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   3. Entertaining discourse. [Obs.] --Chaucer.
      [1913 Webster]

WordNet (r) 3.0 (2006):

dalliance
    n 1: the deliberate act of delaying and playing instead of
         working [syn: dalliance, dawdling, trifling]
    2: playful behavior intended to arouse sexual interest [syn:
       flirt, flirting, flirtation, coquetry, dalliance,
       toying]