I have installed Visual Studio 2012 Professional on my machine. I don\'t have Visual Studio 2010 installed, but I want to keep developing my applications using .NET Framewor
I think that your issue is probably some mishap with the installation of .NET Framework. I installed Visual Studio 2012 Beta and have all kind of troubles with compatibility between framework versions. The only remedy was reinstalling Visual Studio, including .NET Framework.
Check out How to: Target a Version of the .NET Framework (MSDN).