English educational foundation embraces old fallacy (5)
I believe the answer is:
error
'fallacy' is the definition.
(I've seen this before)
'english educational foundation embraces old' is the wordplay.
'english' becomes 'E' (abbreviation).
'educational foundation' becomes 'RRR' (the three R's: writing, reading, arithmetic).
'embraces' is an insertion indicator.
'old' becomes 'o' (abbreviation).
'rrr' enclosing 'o' is 'rror'.
'e'+'rror'='ERROR'
(Other definitions for error that I've seen before include "Boob" , "Mistake from terrorist" , "heresy" , "1 down" , "Miscalculation" .)