Could not load file or assembly 'EntityFramework' or one of its dependencies. The parameter is incorrect. (Exception from HRESULT: 0x80070057 (E_INVALIDARG))

Could not load file or assembly 'EntityFramework' or one of its dependencies. The parameter is incorrect. (Exception from HRESULT: 0x80070057 (E_INVALIDARG))

To solve the above error you have to do the following things:

Solution:
Clear out the temporary framework files for your project in:

C:\WINDOWS\Microsoft.NET\Framework\v2.0.50727\Temporary ASP.NET Files\ 

For Windows 7, the path is:
C:\Users\[username]\AppData\Local\Temp\Temporary ASP.NET Files\

For 64 bit systems with 'Framework' in the path the full path is:
C:\WINDOWS\Microsoft.NET\Framework64\v2.0.50727\Temporary ASP.NET Files\