Giving google a quick batch search, I get a lot of hits. Skimming over them, the understanding I get is that it's an error regarding loading an error. It doesn't know exactly which error should be loaded, so that would be the "element no found". As for the original error, a few common solutions keep popping up.
Firstly, double check that you actually have space on the HDD. This is the most common cause for that error. Free up a few GB to give it some room to breath.
Secondly, double check the depth of the directory structure it's placed in. uTorrent should be in Program Files, so no problem there, but make sure your Download folder isn't too deep (e.g. "C:\Users\Awesomesauceuser\My Documents\My Received Files\uTorrent Downloads\insertverylongtorrentnamehere.randomtrackername.mediatagsqualitysizeetc.rar"). If that directory name gets too long (255 characters), you will encounter problems. Ideally it should just be C:\Downloads\ or something similar.
Thirdly, check the settings. If something is wrongly configured, that could problems. Examples I've come across are diskio.coalesce_writes and bt.compact_allocation - both in the advanced section, and people say setting them to false fixes their problems.
Fourthly, check the torrents to make sure you're not trying to download something you've already downloaded. Some people report that gives this error.
Fifthly, check the source. Is it with every torrent from one source, every torrent from every source, or just that one download?
Finally, check uTorrent again. Is it the latest version? Have you tried reinstalling?
Also, why torrents? Why not direct downloads?
EDIT: @mantis, DDL is not the "way to go", it's just an alternative. The fact that it quite often has better results than torrents (depending on the tracker/file host) doesn't rule out torrents as an effective source for "files". At least torrents never try to encourage you to buy premium.
