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Event ID: 1050 Source: DhcpServer

Source
Level
Description
The DHCP/BINL service on the local machine encountered a network error. The error was: <error code>.
Comments
 
This happened to me on a SBS 2008 server. I made sure I only had one NIC enabled but that wasn't the problem. I discovered that I had 2 static IP addresses on the same NIC. Once I removed the 2nd IP address, everything was fine.
If this happened on SBS 2008 server check your DHCP bindings. If you get a error code when you click the bindings button in the DHCP console, you will need to uninstall and reinstall DHCP. make sure you write down the settings before doing this.
I installed DNS services for just the Private IP side with forwarding to our public DNS servers. This corrected the DHCP error 1050 and 1054.
See the link to "EventID 1050 from source DHCP" for details on this issue.

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