I believe the above responses could be somewhat enhanced for someone who has not experienced this problem before. Danvlas is exactly correct but the Microsoft link provided in the second doesn't really apply, because it talks about the basic Access references which are almost never missing.
Here's what happens. When an Access application is developed it requires certain files, or libraries, in order to understand what is in the code. These libraries become references to the exact location on disk where the file libraries exist. When the .mdb file is moved to another computer those files may not exist is the exact location as they were on the development system, so they are MISSING. When Access looks at the list of references and finds any library which is MISSING it stops processing the rest of the reference libraries and so it almost always results in a 'Project or library not found.' even thought it is in the location it should be. It could also be from a library used during development that is not on the target computer at all. For instance, if the developer used the library for Outlook XP (Outlook 10 Object Library)and the target computer is using Outlook 2000 (Outlook 9 Object Library). These type errors can almost always be corrected by unchecking the missing library and selecting the older but compatible library using the add references button.
Open the tools\references as mentioned and unchecking the missing reference will almost always correct the problem, but you may also need to add a compatible reference.
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