The document could not be opened. The required application may not be installed properly, or the template for this content ...

The document could not be opened.
The required application may not be installed properly, or the template for this content type cannot be opened.

Please try the following:
1. Check the Document Information Panel Settings for this document library for the name of the template, and install the application necessary for opening the template. If the application was set to install on first use, run the application and then try creating a new document again.

2. If you have permission to modify this content type, go to Document Information Panel Settings for the library and configure a new template.