GS wrote:

Excel must be purchased for personal use and/or volume licensed for
corporate use.

I've just read through the Excel EULA. See:

http://download.microsoft.com/Docume...51bcbc7423.pdf

Nowhere does it state a /single/ retail licence cannot be use for
commercial purpose. In a turnkey setup, no one would be bundling in a
Home and Student, military, NFR, or CANEX version of Excel or in use for
in a software hosting scenario and those are the only ones where
commercial use is probhited. You inferred that a business would need a
volume license to use Excel. Not according to Microsoft's EULA.

Please indicate where you cite that Excel must be purchases as a volume
license for commercial use, and that a retail license is invalid for
commercial use.