Suppose the polygon P has vertices (a1,b1), (a2,b2), ... , (an,bn), listed in clockwise order. Then the area of P is
21∣(a1b2+a2b3+⋯+anb1)−(b1a2+b2a3+⋯+bna1)∣
The Shoelace Theorem gets its name because if one lists the coordinates in a column,
(a1(a2(an(a1,b1),b2)⋮,bn),b1),
and marks the pairs of coordinates to be multiplied, the resulting image looks like laced-up shoes. (AoPS Wiki)
Note that if you are trying to find the area of a parallelogram ABCD with the shoelace theorem, it suffices to find the area of one triangle (say △ABC) and then double it. This is because drawing a diagonal creates two congruent triangles.