One name on former statute is not quite right (7)
I believe the answer is:
inexact
'not quite right' is the definition.
(I've seen this before)
'one name on former statute' is the wordplay.
'one' becomes 'i' (Roman numeral).
'name' becomes 'n' (common abbreviation e.g. on forms).
'on' means one lot of letters go next to another.
'former' becomes 'ex'.
'statute' becomes 'act'.
'i'+'n'+'ex'+'act'='INEXACT'
'is' acts as a link.
(Other definitions for inexact that I've seen before include "Wide of the mark" , "Nice tax (anag) - approximate" , "Not quite accurate" , "not precisely correct" , "Lax" .)