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);
Simply delete your Newtonsoft.Json dll from bin folder then open package.config file and remove your Newtonsoft.Json entry from there then reinstalled your Newtonsoft.Json by command but don't installed newer version if you face this problem with newer version find old version command
like Install-Package Newtonsoft.Json -Version 6.0.8 now Install-Package Newtonsoft.Json -Version 7.0.1 is also aviable but i suggest to you installed 6.0.8 version its working