The project in context is:
Regular ASP.NET Web Application has 2 files in solution folder:
Make sure that class in Global.asax.cs:
namespace YourWebAppNamespace
{
public class MvcApplication : HttpApplication
{
...
Has the same/right name in Global.asax:
<%@ Application Codebehind="Global.asax.cs" Inherits="YourWebAppNamespace.MvcApplication" Language="C#" %>
I got an issue with this when I manually changed class name in Global.asax.cs
file, so as for result I had the same error as you and from my perspective, it should be more informative. I know that this question already was answered, but maybe my case can be helpful for someone.