No, any program targeting the .Net runtime will require that
version of the runtime that it was compiled against. Note that
having the 3.0 runtime does not mean an application with the 1.1
runtime will work; it must be the same runtime compiled.
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The .Net framework serves as the runtime for applications that
were built to target the Common Language Runtime.
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There exists a variety of reasons on why a runtime error might
occur. The easiest solution to fix the majority of runtime errors
you experience is to download software that cleans and fixes your
registry.