Error executing code: object does not have method 'loadProject'.

If you get the following error when attempting to open a project in AX 2012 or AX hangs indefinitely:

Error executing code:  object does not have method 'loadProject'.

Stack trace

(C)\Classes\\loadProject

Then just run:

AxUtil schema

(or initialize-axmodelstore if you are using powershell)

If you are running your AX 2012 on SQL 2012, then you also need to apply the following hotfix:

KB2680186

I have seen this error after importing a CU7 model on RTM.