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I get this when launching certain games.
I've tried everything a Google search offers: manual regedit, repair, uninstall/clean/reinstall/ (all versions), restore registry, Windows Update, etc. I don't know what to do. It says to set the registry key "HKLMSoftwareMicrosoft.NetFrameworkInstallRoot" to point to the .NET Framework installation ... but there is no InstallRoot. See this. I would have assumed all the reinstallations I did would have restored any missing keys, but I guess not.