How to pass parameters to an ADOQuery object?

I am using ADOQuery in Delphi 7 and Oracle. I am getting error while passing parameters to ADOQuery. I have used following line. Please help me to identify error.

ADOQuery.Sql.text:= 'select * from temp_table '+
        'where column1 in (select column from table2 where id=:id) and id=:id';
ADOQuery.Parameters.ParamByValue('id').value= 'abc';
ADOQuery.open;

when I open the query i will get following error:

Parameter object is improperly defined. Inconsistent or incomplete information is provided.

We have the same problem, we ended "masking" the class TParameters like this:

Declaration:

TMyParameter = class(TParameter)
private
  function GetAsValue: variant;
  Procedure SetAsValue(const Value: variant);
public
  property Value: variant read GetAsValue write SetAsValue;
end;

Implementation:

procedure TMyParameter.SetAsValue(const Value: variant);
var
  iPar: Integer;

begin
  for iPar:= 0 to Collection.Count - 1 do
    if (Name = TParameter(Collection.Items[iPar]).Name) then
      TParameter(Collection.Items[iPar]).Value:= Value;
end;

function TMyParameter.GetAsValue: variant;
begin
  Result:= inherited Value;
end;

And how to use:

TMyParameter(ADOQuery.Parameters.ParamByName('id')).AsValue:= 'abc';

I hope it helps.