Before this you can check out my previous posts on:
To solve this follow below steps:
Open SharePoint 2010 central administration. Then navigate to Manage Service Applications under Application Management section.
After that select the Managed Metadata Service Application that you have created. Then clieck on the Service connection. And then select Properties from the Ribbon.
There in the Edit Managed Metadata service Connection dialog box. Enable the This service application is the default storage location for column specific term sets option checkbox. And then click on Ok.
Now the error should not come.