.NET Framework

The following illustration shows the relationship of the common language runtime and the class library to your applications and to the overall system. The illustration also shows how managed code operates within a larger architecture.

Points of interest

1. The common language runtime manages memory, thread execution, code execution, code safety verification, compilation, and other system services. These features are intrinsic to the managed code that runs on the common language runtime.

2. The .NET Framework class library is a collection of reusable types that tightly integrate with the common language runtime. The class library is object oriented, providing types from which your own managed code can derive functionality. This not only makes the .NET Framework types easy to use, but also reduces the time associated with learning new features of the .NET Framework. In addition, third-party components can integrate seamlessly with classes in the .NET Framework.

Note: This article in its entirety has been borrowed from certain parts of [1]. I did not want to spoil the essence of the original article.

References:
1. .NET Framework Conceptual Overview