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How to resolve 'Object Already Exists' error when trying to install a software

You tried to install a software you have never installed on your
system before, instead of installing smoothly, it showed you an error
saying "Object Already Exists" or you uninstalled a software and try
installing it again and it showed the same error even after restarting
your computer to ensure the uninstallation process was complete and
your computer is clean of any leftover file from the software which
was uninstalled.

Well, I encountered same problem, got it resolved and thought I should share.

Resolving this issue is as easy as uninstalling security update KB2918614.
But wait... security update? Yeah, what do I care, I feel secured and
benefitted more when this update is off my system.
Thanks for reading.

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