Getting "Unrecognized configuration section runtime" connecting to database (4251431)

Getting the following error message trying to connect to a database.

System.Configuration.ConfigurationErrorsException
Unrecognized configuration section runtime. (C:\Program Files (x86)\Quest Software\Toad for SQL Server 5.7\toad.exe.config line 3)
Stack Trace:
   at System.Configuration.ConfigurationSchemaErrors.ThrowIfErrors(Boolean ignoreLocal)
   at System.Configuration.BaseConfigurationRecord.ThrowIfParseErrors(ConfigurationSchemaErrors schemaErrors)
   at System.Configuration.BaseConfigurationRecord.ThrowIfInitErrors()
   at System.Configuration.ClientConfigurationSystem.EnsureInit(String configKey)

1) Make sure Toad is closed.
2) Open the toad.exe.config file mentioned in the error message.  For example, in the error message listed about, it would be located at C:\Program Files (x86)\Quest Software\Toad for SQL Server 5.7.
3) Modify and save the contents of the file, so that there is nothing left between the configuration tags.  So, it should look something like the following when you are done.

<?xml version="1.0" encoding="utf-8"?>
<configuration>
</configuration>

4) Launch Toad and connect.

Note: You may want to make a copy of the toad.exe.config file prior to modifying it, so you have a backup.