This error occurs if the installation of the "VC Runtimes" component fails to install or is canceled for some reason.
The solution is to install the VC Runtimes manually. First it has to be downloaded from here:
On that page, click on the Download (red) button and on the next page choose the package appropriate for your system (it depends if your system is 32-bit (then you need vcredist_x86.EXE) or 64-bit (then you need vcredist_x64.EXE).
So, choose the file, download and install it.
There is no need to reinstall Able2Extract afterwards.
This article refers to Able2Extract and Able2Extract Professional.