The frameworks do not overwrite each other.
Look in /Windows/Microsoft.NET/Framework/
You will see folders for each version you have.
Newer versions of the framework are indeed backward compatible, but programs will always try to use the version they are compiled for. You can install ALL versions and they will reside side-by-side.
So...
If you feel like it's a newer .NET causing you problems.. make sure you have the one the program actually wants and see if that cures your problem.
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