I am setting up the API for my MVC-4 app and when I uncommented this line in Globals.asax.cs:
WebApiConfig.Register(GlobalConfiguration.Configuration);
Most probably Newtonsoft.Json DLL is not properly deployed.
Newtonsoft.Json
Make sure you have the Newtonsoft.Json DLL in your (IIS / project) bin folder. Alternatively, you can also install that DLL to GAC if you plan to use it across multiple projects.
bin