A frayed knot (aka Afraid Not) is a poor excuse given when someone isn't going out with a group of friends. Usually it means to try harder to persuade someone.
Symbolic of the once tight bonds of a relationship that are now wearing thin. A little extra pressure will break the bonds.
When Scott is asked to meet with some old friends, he responds sheepishly saying "Frayed knot, I'm spending the evening with my wife"