"An error occurred during the installation of assembly Microsoft.VC90.MFC" (Windows)

Live Versions: Live 8.3 - Live 9
Operating System: Win

Running the Ableton Live installer (*.msi) leads to the following error:

An error occurred during the installation of assembly 'Microsoft.VC90.MFC [...] Please refer to Help and Support for more information.

After confirming the message box, the installation fails.

This due to a prior installation of a Windows component which left some faulty Registry entries.

In order to resolve, please follow the steps as provided by Microsoft's Answers:

To further troubleshoot installation problems on Windows, please also see this dedicated article.