iCloud restore issue on iPhone 4S

I've encountered a similar error on my iPhone 4S while restoring an iCloud backup. I fixed it by simply updating the firmware/iOS version to the latest version available from Apple. Latest iOS 7.1.2 was out at that time but I was running outdated iOS 7.0.4. Once the phone restored with the latest iOS version, I was able to restore from iCloud. So update your iOS if you're using an older iOS version and try again.