Lady ran out of line (7)
I believe the answer is:
lanyard
'line' is the definition.
(I know that lanyard is a type of cord)
'lady ran out' is the wordplay.
'out' is an anagram indicator (out can mean wrong or inaccurate).
'lady'+'ran'='ladyran'
'ladyran' anagrammed gives 'LANYARD'.
'of' is the link.
(Other definitions for lanyard that I've seen before include "Short rope used as a fastening" , "Line for extending or fastening ship's rigging" , "Ribbon or cord around neck" , "Part of rigging" , "Cord with whistle attached" .)