Point a set out (4)
I believe the answer is:
east
'point' is the definition.
(east is a kind of point)
'a set out' is the wordplay.
'out' indicates an anagram (out can mean wrong or inaccurate).
'a'+'set'='aset'
'aset' anagrammed gives 'EAST'.
(Other definitions for east that I've seen before include "Tom's friend" , "Compass direction" , "Direction of the Orient" , "bridge-player" , "Towards the dawn" .)