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This error is being reported with the Office 2021 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.
Then in one of the Office apps, Click Help - Check for Updates.
That will open Microsoft AutoUpdate, disable 'Automatically keep Microsoft apps up to date' and apply that setting.