WordNet sense 1 (part of a statement that is not correct):

error

WordNet sense 2 (an understanding of something that is not correct):

misapprehension, misunderstanding

WordNet sense 3 (identify incorrectly):

misidentify

WordNet sense 4 (to make a mistake or be incorrect):

err, slip

WordNet sense 5 (a wrong action attributable to bad judgment or ignorance or inattention):

fault