The spelling of the phrase "lays on one" is based on its pronunciation in Standard American English. In IPA phonetic transcription, it could be represented as /leɪz ɒn wʌn/. This means that "lays" is pronounced with the long "a" sound, represented as /leɪz/, while "one" is pronounced with the short "o" sound, as /wʌn/. The word "on" is pronounced with the short "o" sound as well, represented as /ɒn/. Altogether, the correct spelling reflects the specific sounds of each word in the phrase.