Framework Folders version on Oracle WebCenter Content Server is not supported for Oracle WebCenter Portal. The supported versions are 2.1 and later.

<Jun 9, 2016 8:36:03 AM PDT> <Error> <oracle.webcenter.doclib.internal.spaces.UCMSpacesUtils> <WCS-07926> <Framework Folders version on Oracle WebCenter Content Server is not supported for Oracle WebCenter Portal. The supported versions are 2.1 and later.
oracle.webcenter.doclib.core.UCMCoreException: Framework Folder version (2.0) not supported.
        at oracle.webcenter.doclib.core.UCMCoreRepositoryLogic.validateFrameworkFoldersVersion(UCMCoreRepositoryLogic.java:221)
        at oracle.webcenter.doclib.core.UCMCoreRepositoryLogic.setDocLibFolderingService(UCMCoreRepositoryLogic.java:158)
        at oracle.webcenter.doclib.internal.spaces.UCMSetupHandler.setDocLibFolderingService(UCMSetupHandler.java:1538)
        at oracle.webcenter.doclib.internal.spaces.UCMSetupHandler.getCurrentInstance(UCMSetupHandler.java:135)
        at oracle.webcenter.sharepoint.servlet.ContextListener.contextInitialized(ContextListener.java:40)
        at weblogic.servlet.internal.EventsManager$FireContextListenerAction.run(EventsManager.java:481)
        at weblogic.security.acl.internal.AuthenticatedSubject.doAs(AuthenticatedSubject.java:321)
        at weblogic.security.service.SecurityManager.runAs(SecurityManager.java:120)
        at weblogic.servlet.internal.EventsManager.notifyContextCreatedEvent(EventsManager.java:181)
        at weblogic.servlet.internal.WebAppServletContext.preloadResources(WebAppServletContext.java:1870)
        at weblogic.servlet.internal.WebAppServletContext.start(WebAppServletContext.java:3155)
        at weblogic.servlet.internal.WebAppModule.startContexts(WebAppModule.java:1518)
        at weblogic.servlet.internal.WebAppModule.start(WebAppModule.java:487)

Solution:

Install WebCenter Content Patch 18088049 and restart the WebCenter Content managed server.