This is the 314th most frequent Japanese word.
言い
The Japanese word "言い" means "saying" or "expression."
Here, '言い' (ii) is part of '言い方' (iikata), which means 'way of speaking' or 'tone'.
彼女の言い方は優しい。
Her way of speaking is gentle.
In this sentence, '言い' (ii) is part of the compound '言い伝え' (iitsutae), which translates to 'legend' or 'tradition told verbally'.
その言い伝えは古い時代からある。
That legend has existed since ancient times.
Here, '言い' (ii) is used in '言い分' (iibun), meaning 'one's point of view' or 'what one says'.