This post is going to be extra short, because the solution is simple. This error appears on newer systems that have an UEFI BIOS, I myself encountered it on a system after I enabled legacy BIOS on a laptop and tried to format the HDD with a new installation.
Without closing the installation menu of Windows 7 or 8.1, hold Shift+F10 and a command prompt should show up.
Then type select disk 0. I’m not sure if you have to use the list command before this, but on most notebook systems there’s only one HDD so only disk 0 should be present.
Then type clean.
Voila! You can now continue with the installation process :).