Android : How to resolve runtime exceptions when loading a project in Android studio 1.0?

When I tried starting an Android project in Android Studio 1.0 on Windows 8.1 that I previously created, this is the exception(dialog I am getting)

And this is the error when i get when i exit out of the first exception dialog. This one repeats itself

Does anyone know what the issue is? I don't understand how there is an unexpected content storage modification exception when I am just loading the project.

I tried changing memory values but my system doesn't allow you to - Android Studio causes Windows 8.1 to crash