Using the Darboux transformation method, the general Lax equation is solved and a collection of new exact solutions together with one-soliton solutions, singular one-soliton solutions, periodic solutions, singular periodic solution, two-soliton solutions, singular two-soliton solutions, two-periodic solutions and singular two-periodic solutions is obtained. Using traveling wave transformation, the Lax equation is transfigured to a conservative dynamical system (CDS) of dimension four with three equilibrium points involving two parameters [Formula: see text] and v. The CDS has various quasi-periodic motions for fixed values of the parameters [Formula: see text] and v at different initial conditions. Furthermore, effects of the parameters [Formula: see text] and v are shown on the quasiperiodic motions of the CDS by means of phase sections and time series plots. This approach can be applied to a heterogeneity of nonlinear model equations or partial differential equations for describing their inherent nonlinear phenomena.