I'm playing catch-up and feeling very rusty, so please be kind!

Laurel

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Sonu þína ok dœtr skulum vit í brott leysa með minni forsjá

sons - your - and - daughters - shall - we (dual) - away - send (find places for) - with - my - patronage

We will find places elsewhere for your sons and daughters (and set them up) under my patronage

ok efla þau svá, at þau mætti fá góða kosti af því. 

and - support - them - so - that - they - may be able to - get - good – opportunities (marriage) - from - this [that]

and support them, so that they might make good matches because of this.  

Ok allt, er þú veizt í mínum hirzlum vera

and - everything - which - you - know - among - my - possessions - to be

And anything that you know to be in my possession

ok þú þarft at hafa heðan af,

and - you - need - to - have - henceforward

and you need to have from now on

[And from now on, anything that you know to be in my possession, and need to have,]

þá skaltu mér til segja ok eigi fyrir skart sitja heðan af um þá hluti,

then - shall you - of me - to obtain [say, tell] - give information of - and - not - ahead - diminished - remain - henceforward - about - these - things

then you must tell me about it and never do without these things again,

            Gordon glosses sitja fyrir skart um e-t as “live in wont of”; so “not live, henceforward, in want of those things”

sem þú þarft at hafa.

which - you - need - to - have

which you need to have.

[then you must tell me about these things you need to have, and never do without them again.]

Skaltu búa, meðan þér þykkir gaman at,

shall you - have a household [dwell, keep house?] - in the meantime [while, conj] - to you - seems - a pleasure - from

You will live on your farm as long as you wish to,

en fara þá hingat, er þér leiðisk.

but - travel - then - hither - when - to you - become tired of

and then come here when you become tired of that.

Mun ek þá annask þik til dauðadags.

Must [will] - I - then - take care of / provide for - you - until - dying-day

I will then take care of you until your dying day.

Skulum vit þá vera sáttir.  Vil ek þess vænta,

shall - we two - then - be - reconciled – will [want?] - I - of this - expect

Let us then settle on this. About this,  I expect

            I think this is simply a statement: “we shall then be reconciled...”

at þat mæli fleiri, at sjá maðr sé vel dýrr.' 

about - that - would speak - comparatively more - this - man - would be - well - dear / expensive

that most (people) would say that this man was very expensive."

'Ek vil eigi þennan kost', segir Þorbjõrn.

I - want - not - those - terms - says - Þorbjõrn

"I don't want those terms", said Thorbjorn.

'Hvern viltu þá?' segir Hrafnkell.

what - want you - then - says Hrafnkell

"What do you want then?" said Hrafnkel.

Þá segir Þorbjõrn:  'Ek vil, at vit takim menn til gørðar með okkr.'

then - says - Þorbjõrn - I - want - that - we two - choose - men - to obtain – arbitration [for arbitration, noun] - with - each other

Then Thorbjorn said, "I want us to choose men to arbitrate between us."

Hrafnkell svarar:  'Þá þykkisk þú jafnmenntr mér,

Hrafnkell - answers - then - you think - you - of equal rank - to me

Hrafnkel answered: " Then you consider yourself as my equal,

ok munum vit ekki at því sættask.'

and - shall - we two - never - on [that] such a condition - be reconciled

and on that basis we will never come to an agreement."

Þá reið Þorbjõrn í brott ok ofan eptir Hrafnkelsdal.

then - rode - Þorbjõrn - away - and - down - along - Hrafnkelsdalr

Then Thorbjorn rode away, down through Hrafnkelsdale.

Hann kom til Laugarhúsa ok hittir Bjarna, bróður sinn,

he - came - to - Laugarhús - and – met [meets] - Bjarni - brother - his

He came to Laugarhus and met Bjarni his brother,

ok segir honum þessi tíðendi, biðr,

and - says - to him - these - tidings - asking

and told him this news, asking

at hann muni nõkkurn hlut í eiga um þessi mál.

that - he – must [will] - a certain - share - to - have a claim - about - this - cause

him to take a share in the claim regarding this matter.

            Gordon glosses eiga hlut í as “take part in”

Bjarni kvað eigi sitt jafnmenni við at eiga, þar er Hrafnkell er.

Bjarni - declared - not - his - equal in rank - concerning - having to deal with - where - Hrafnkell - is

Bjarni declared that he would not be dealing with an equal, in the case of Hrafnkel.

'En þó at vér stýrim penningum miklum,

but -even - though - we - possess - coin - great

"Even though we possess a great sum of money,

þá megum vér ekki deila af kappi við Hrafnkel,

receive - can - we – nothing [not] – contending with - a competition [contend] - with - Hrafnkell

we can achieve nothing by getting involved in a dispute with Hrafnkel.

ok er þat satt, at sá er svinnr, er sik kann.

and - is - that - true - that - he - is - a wise man - who - himself - knows

It is true that "It is a wise man who knows himself."

Hefir hann þá marga málaferlum vafit,

has - he - then - many - of lawsuits - entangled

He has entangled many in lawsuits

er meira bein hafa í hendi haft en vér.

who - more - bone - have (pl.) - in - hand – have [had, pp] - than - we

who are more powerful than we are.

Sýnisk mér þú vitlítill við hafa orðit,

seems - to me - you - having little sense - concerning - taking - the word

I think you were foolish concerning the offer,

            I think orðit is pp of verða, ie ‘it seems to me you have become foolish (acted foolishly)’

er þú hefir svá góðum kostum neitat.

when - you - have - such - good - terms - refused

when you refused such good terms.

Vil ek mér hér engu af skipta.'

want - I - to me - from this - none - of – place [to concern myself with none (of it)]

I don't want any part in this."