This is an error that is related to the system files. Somewhere there is a problem which prevents you from using this software. Go to Start > Run and type sfc /scannow and wait for the process to finish. You might need to have a Windows installation disk nearby to replace the faulty files in case there are no backups.
Second solution is to update the NET Framework. Try installing NET Framework 4.5. Once you are ready, reinstall the application then you can use your application.