QBO3: The value of the property 'Type' cannot be parsed

I have recently setup a new QBO3 instance, but am encountering the following error when I navigate to Design > Configuration > Queuing:

The value of the property 'Type' cannot be parsed. The error is: Method 'SendMessage' in type 'qbo.Queue.ObjectQueue.FailureQueue' from assembly 'qbo.Queue.ObjectQueue, Version=1.0.0.0, Culture=neutral, PublicKeyToken=null' does not have an implementation. (e:\qbo3\config\Queuing.config line 16)

What's wrong with the QBO3 installation?