Fine cut was a failure (7)
I believe the answer is:
flopped
'was a failure' is the definition.
I can't judge whether this definition defines the answer.
'fine cut' is the wordplay.
I cannot really see how this works, but
'fine' could be 'f' (abbreviation e.g. condition of old coins, books) and 'f' is present in the answer.
'cut' could be 'lopped' (I've seen this in another clue) and 'lopped' is found in the answer.
This accounts for all the letters.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Another definition for flopped that I've seen is " Failed".)