CLR Error 80004005 whenever I try to launch the game Terraria

Hi,

I recently encountered this frustrating error. Whenever I try to launch the game Terraria, I get the CLR Error shown below. I tried reinstalling the game, but it did not improve the situation. Someone suggested that this is a problem with my .NET framework and I tried uninstalling and reinstalling the .NET Framework. But this idea too did not work out for me. I even tried using a .NET cleanup utility and then reinstalled my .NET Framework. All this was useless. I have exhausted all my possibilities. Can anyone help me with this please? Your help will be greatly appreciated.

CLR error: 80004005

The program will now terminate.