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License Violation When Creating/Modifying an Office 365 Account

Symptom:

Error that resemble the following message occurs when I create/modify an Office 365 account and assign the Office Web Apps license option to the account, without assigning the SharePoint Online license option:

[… Unable to assign this license set because it would cause a license violation …]

Solution:

An Office 365 account is required to have SharePoint Online license option in order to have Office Web Apps license option.

Make sure SharePoint Online license option is already assigned or to be assigned when assigning the Office Web Apps license option.