Negotiated peace in 1914

I'm sure this must have been discussed before, but I can't find a thread relating to it. Basically, how likely was a negotiated peace in 1914? The German strategic plan depended on swift victory in the west. When that did not materialise, logically they should have sued for peace. Would this be accepted, and what would the peace look like?
 
Not very likely. The Germans would've demanded something for their effort, and the French wouldn't like the idea of giving something up.

The SPD, Zentrum and Liberals in Germany suggested such a "no win, no lose" peace at some time, not successful.

There were however some people in Germany and A-H who had the idea of making a seperate peace with Russia, giving up Turkey, and maybe even Austrian Galicia if the Russians left the war.
 
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