Point seat out (4)
I believe the answer is:
east
'point' is the definition.
(east is a kind of point)
'seat out' is the wordplay.
'out' indicates anagramming the letters (out can mean wrong or inaccurate).
'seat' with letters rearranged gives 'EAST'.
(Other definitions for east that I've seen before include "An opponent of North" , "bridge-player" , "E" , "Bearing of ninety degrees" , "Bridge player" .)