I found

this thread
on Google that indicates a bug in the released
build of MFC70.DLL. It turns out that the DLL doesn’t delay load
OLEACC.DLL (Active Accessibility) and so loads it even if you’re
not using any accessibility features. This causes problems on Win95
(where it isn’t normally present) and on systems where it wasn’t
chosen to be installed. Worse, if someone choses to uninstall
Active Accessibility, all the MFC7 apps will stop working.

This

post
in the thread describes how to make a dummy OLEACC DLL
that you can drop into your app folder.

One thing that I hadn’t noticed before is that Microsoft are
recommending that you put MFC70.DLL and MSVCR70.DLL in your
application folder since they are no longer classed as system files
and shouldn’t really be in SYSTEM32. Visual Studio.NET puts them
there for convenience so that you don’t have to keep copying them
for each build type of each project you develop.