In order to fix this bug, completely uninstall the program from your computer (Control Panel > Uninstall a program) and download and install the updated version using Windows Live Essentials. Just save the file to your computer, launch it, select Mail from the provided list, click Install and follow the on-screen instructions:
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After that, configure your account and check if the error persists. If this doesn't solve the issue, I recommend you contact Microsoft Support team.