Is it possible for a .NET 4 application to run when only for example .NET 3 framework is installed on the computer?
No, it isn't possible.
They use different runtimes and you can't run an assembly targeting one runtime on a different runtime.
.NET 2.0, 3.0 and 3.5 run on the 2.0 runtime.
.NET 4.0 has a new runtime.
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