Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
Check if you are able to upgrade your version of MacOS 12.7.6 (Monterrey) to a more up to date version.
If not, the last version of Office that will work on MacOS 12.7.6 (Monterrey) is 16.88, that is available on the long table on this link to all the downloadable versions from the Microsoft servers.
https://learn.microsoft.com/en-us/officeupdates/update-history-office-for-mac