Comment by wmf

The answer is far more comprehensive than I imagined.

"...run one instance of the software on your device (the licensed device), for use by one person at a time... In this agreement, “device” means a local hardware system (whether physical or virtual) with an internal storage device capable of running the software. A hardware partition or blade is considered to be a device. For purposes of this agreement, “device” does not include any hardware system (whether physical or virtual) on which the software is installed or accessed solely for remote use over a network.

this license does not give you any right to ... use the software as server software or to operate the device as a server; use the software to offer commercial hosting services; make the software available for simultaneous use by more than one user over a network; install the software on a server for remote access or use over a network; or install the software on a device for use only by remote users

This license allows you to install only one instance of the software for use on one device, whether that device is physical or virtual. If you want to use the software on more than one virtual device, you must obtain a separate license for each instance.

Microsoft may require you to activate the software over the Internet in order for you to use the software. ... The software may periodically and automatically reconnect to the Internet to confirm the license associated with the licensed device. If you do not reconnect your device to the Internet when required as part of the activation or reactivation process, the software may operate with reduced functionality.

We hope we never have a dispute, but if we do, you and we agree to try for 60 days, upon receipt of a Notice of Dispute, to resolve it informally. If we can’t, you and we agree to binding individual arbitration before the American Arbitration Association (“AAA”) under the Federal Arbitration Act (“FAA”), and not to sue in court in front of a judge or jury. ... Class action lawsuits, class-wide arbitrations, private attorney-general actions, requests for public injunctions and any other proceeding where someone acts in a representative capacity aren’t allowed."

https://www.microsoft.com/content/dam/microsoft/usetm/docume...