This error is often caused by a bad or faulty installation of the Net Framework. In this case I advise to re-install the application, but first you will need to download a cleanup tool that has been designed by a Microsoft employee. The tool is hosted on its SkyDrive account. The application is called: dotnetfxcleanuptool. You can find it in the 2nd row on the right side. Download and extract it and run the application and let it work. Once it completes, restart the computer, re-install Net Framework and run your application again.