Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
This error is being reported with the Office apps on a Mac at the moment, follow these steps, step 3 is important.
1
Use the steps provided on this link to remove the Office licence from your Mac:
2
Uninstall the Office apps using the steps provided on this link:
https://support.microsoft.com/en-au/office/lifecycle/officeinstall/uninstall-office-for-mac
3
Then download and install the October 6th version of Office for Mac from this link.