Error: Type or namespace could not be found

While getting started with ASP.NET and Visual Studio, you may run into the below error when trying to run an existing project -- for example, our ASP.NET example project. One common error is, 'The type or namespace name $NAME could not be found (are you missing a using directive or an assembly reference?) 
The error looks like this:
To resolve, make sure that you've installed and updated all of the packages in packages.config. You can do so by running this command in the NuGet Package Manager Console:  
Update-Package -ProjectName 'YourProjectNameGoesHere' -Reinstall
After this has finished, try running your project again! 
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