Android Studio project has stopped building. Error retrieving parent for item: android:TextAppearance.Material.Widget.Button.Inverse

I have been working on a project for the past 2 years of which I have moved it to Android Studio since about last 1 year(I am using Android Studio 1.5.1 currently). Just today when I opened the project to run it I got Error retrieving parent for item: android:TextAppearance.Material.Widget.Button.Inverse and android:Widget.MaterialButton.Colored errors. The following is my app.gradle file:

import org.apache.tools.ant.taskdefs.condition.Os

apply plugin: 'com.android.application'

android {
    compileSdkVersion 22
    buildToolsVersion "22.0.1"

    defaultConfig {
        applicationId "com.opaxlabs.boatbrat"
        minSdkVersion 14
        targetSdkVersion 22
        versionCode 20
        versionName '2.0'
        multiDexEnabled true
//        ndk {
//            moduleName "password"
//            abiFilter "all"
//        }
    }

    packagingOptions {
        exclude 'META-INF/DEPENDENCIES.txt'
        exclude 'META-INF/LICENSE.txt'
        exclude 'META-INF/NOTICE.txt'
        exclude 'META-INF/NOTICE'
        exclude 'META-INF/LICENSE'
        exclude 'META-INF/DEPENDENCIES'
        exclude 'META-INF/notice.txt'
        exclude 'META-INF/license.txt'
        exclude 'META-INF/dependencies.txt'
        exclude 'META-INF/LGPL2.1'
    }

    dexOptions{
        preDexLibraries = false
    }

    buildTypes {
        release {
            minifyEnabled false
            proguardFiles getDefaultProguardFile('proguard-android.txt'), 'proguard-rules.pro'
        }
    }

//    sourceSets.main.jni.srcDirs = [] // disable automatic ndk-build call, which ignore our Android.mk
//    sourceSets.main.jniLibs.srcDir 'src/main/libs'
//
//    // call regular ndk-build(.cmd) script from app directory
//    task ndkBuild(type: Exec) {
//        workingDir file('src/main')
//        commandLine getNdkBuildCmd()
//    }
//
//    tasks.withType(JavaCompile) {
//        compileTask -> compileTask.dependsOn ndkBuild
//    }
//
//    task cleanNative(type: Exec) {
//        workingDir file('src/main')
//        commandLine getNdkBuildCmd(), 'clean'
//    }
//
//    clean.dependsOn cleanNative

//    splits {
//        abi {
//            enable true
//            reset()
//            include 'x86', 'armeabi-v7a', 'mips'
//            universalApk true
//        }
//    }
}

//repositories {
//    jcenter()
//    maven { url "http://dl.bintray.com/webactive/maven" }
//}

//def getNdkDir() {
//    if (System.env.ANDROID_NDK_ROOT != null)
//        return System.env.ANDROID_NDK_ROOT
//
//    Properties properties = new Properties()
//    properties.load(project.rootProject.file('local.properties').newDataInputStream())
//    def ndkdir = properties.getProperty('ndk.dir', null)
//    if (ndkdir == null)
//        throw new GradleException("NDK location not found. Define location with ndk.dir in the local.properties file or with an ANDROID_NDK_ROOT environment variable.")
//
//    return ndkdir
//}
//
//def getNdkBuildCmd() {
//    def ndkbuild = getNdkDir() + "/ndk-build"
//    if (Os.isFamily(Os.FAMILY_WINDOWS))
//        ndkbuild += ".cmd"
//
//    return ndkbuild
//}

repositories {
    jcenter()
    maven { url "http://dl.bintray.com/webactive/maven" }
}

dependencies {
    compile 'com.android.support:multidex:1.0.0'
//    compile 'com.android.support:support-v4:+'
    compile 'com.google.android.gms:play-services:+'
//                {
//            exclude module: 'play-services-analytics'
//        }
//        compile ('com.google.android.gms:play-services-analytics:7.3.0')
    compile 'com.android.support:appcompat-v7:22.+'
//    compile 'com.stripe:stripe-android:+'
//    compile files('libs/PayPal_MPL.jar')
    compile files('libs/cwac-adapter-1.0.2.jar')
    compile files('libs/devsmartlib.jar')
    compile files('libs/fluent-hc-4.3.3.jar')
    compile files('libs/httpasyncclient-4.0.1.jar')
    compile files('libs/httpasyncclient-cache-4.0.1.jar')
    compile files('libs/httpclient-4.3.2.jar')
    compile files('libs/httpclient-cache-4.3.1.jar')
    compile files('libs/httpcore-4.3.2.jar')
    compile files('libs/httpmime-4.3.3.jar')
    compile files('libs/universal-image-loader-1.9.2-with-sources.jar')
    compile files('libs/endless-1.2.3.jar')
    compile files('libs/jncryptor-1.2.0.jar')
    compile files('libs/commons-codec-1.7-SNAPSHOT-android.jar')
    compile 'com.eway.payment:android-sdk:1.1'
}

I am using lower version build tools as the project has a lot of code that is deprecated and using later tools and sdk might complicate the problem. I even tried to build with version 23 but that did not help. I tried the following: This and this but they are essentially saying things I have already done. Any help will be greatly appreciated. Thanks in advance.