I faced this error on outdated version of Visual Studio 2010. Due to project configuration I was not able to update this version to newer. Therefore, update of NuGet advised above did not fix things for me.
Root reason for the error in this and similar situations is in dependencies of the package you try to install, which are not compatible with .NET version available in your project.
Universal solution is not obligatory update of Visual Studio or .NET but in installation of older NuGet versions of the same package compatible with your system.
It is not possible to tell for sure, which of earlier versions will work. In my case, this command installed the package without any NuGet updates.
Install-Package X -Version [compatible version number]