Run Windows Update, install all pending patches, and reboot. Chances are the app will magically start working.
A developer writing a C++ application might call WerSetFlags to disable the "Windows is checking for a solution" dialog during internal testing. The call is routed through this api-ms-* DLL to the underlying WER service.
: The system lacks the "Universal C Runtime" or specific Windows Updates required for modern API sets. Incomplete Visual C++ Redistributable
Microsoft often releases updates that repair API set files.
Older programs running on newer Windows versions (or vice versa) may expect a specific version of this ApiSet. Corrupt Runtime Components: Visual C++ Redistributable