| Literal meaning | A legal name |
|---|---|
| Pronunciation | NOH-men YOO-ris |
The name that the law gives to a legal idea or transaction. Courts look at the substance, not just the name.
Parties call an arrangement a licence, but in substance it gives exclusive possession for rent. A court may treat it as a lease.
Short-note term.
Name does not decide; substance does.
The legal name of a transaction does not decide its real nature.