"Mr.Watt N Nott" joke

Mr.Watt rang the phone at the residence of Mr.Knott.
"Who's calling?" asked Knott.
"Watt."
"What is your name, please?"
"Watt's my name."
"That's what I asked you. What's your name?"
"That's what I told you. Watt's my name."
A long pause, and then from Watt, "Is this James Brown?"
"No, this is Knott."
"Please tell me your name."
"Will Knott."
YOU LEFT THE TALKERS AT A POINT WHERE THEY WERE TOTALLY CONFUSED.
READ THE REST OF WHAT HAPPENED...
"Why not?"
"Huh? What do you mean why not?"
"Yeah! Why won't you tell me your name?"
"But I told you my name!"
"Didn't you say you will not?"
"Not not, knott, Will Knott!"
"That's what I mean."
"So you know my name."
"Of course not!"
"Good. So now, what is yours?"
"Watt. Yours?"
"Your name!"
"Watt's my name."
"How the hell do I know? I am asking you!"
"Look I have been very patient and I have told you my name and you have not even told me yours yet."
"You have been patient, what about me?"
"I have told you my name so many times and it is you who have not told me yours yet."
"Of course not!"
"See, you even know my name!"
"Of course not!"
"Then why do you keep saying of course Knott?"
"Because I don't."
[Pause]
"What is your name?"
"See, you know my name!"
"Of course not!"
"Then why do you keep asking Watt is your name?"
"To find out your name!"
"But you already know it!"
"What?"
"See, but you know mine!"
"Of course not!"
"Exactly!"
NOW THEY ARE AT A POINT WHERE BOTH THINK THE OTHER KNOWS THEIR
NAME, BUT THEY THEMSELVES DON'T KNOW THE OTHER'S NAME.
"Listen, listen, wait; if I asked you what your name is, what will be
your answer?"
"Watt's my name."
"No, no, give me only one word."
"Watt"
"Your name!"
"Right!"
[Pause before it hits him]
"Oh, Wright!"
"Yeah!"
"So why didn't you say it before?"
"I told you so many times!"
"You never said Wright before"
"Of course I did."
"Ok I won't argue any more. Do you know my name?"
"I do not."
"Well, there you go, now we know each other's name."
"I do not!"
"Good!"