Final answer:
The space between the visceral and parietal layers of the peritoneum is known as the peritoneal cavity, which contains a lubricating fluid to minimize friction.
Step-by-step explanation:
Between the visceral and parietal layers of the peritoneum is the peritoneal cavity. This space is bounded by the visceral peritoneum, which envelopes the abdominal organs, and the parietal peritoneum, which lines the abdominal wall. The peritoneal cavity is filled with a small amount of lubricating fluid that helps to minimize friction between the serosal surfaces of the peritoneum, allowing for smooth movement of the organs within the abdomen.