According to the Oxford English Dictionary:
Flyte: 1. Contention, strife; abuse 2. A scolding-match
It can also be spelled ‘flite’.
The word is normally used to describe the poetic insult-slinging matches that were common in ancient Norse, German, and English society. The Scots would eventually turn the art form into a spectator sport in the 16th Century. Essentially, it is schoolyard taunting taken to its highest poetic level. It should not be confused with ‘a battle of wits’, which traditionally has a much higher degree of subtlety and decorum.