Office 2010 Pro 32-bit Service Pack 1 installation error

[RLMiller]

I attempted to update Office 2010 Pro (32-bit) via WindowsUpdate and Standalone on a Windows 7 (64-bit) system. I also have Visual Studio 2010 SP 1 and SQL Server 2008 R2 Enterprise as other major software packages loaded on my system.
I found the following error in the officesuitewwsp1-x-none_MSPLOG.LOG file:
MSI (s) (88:6C) [03:21:04:229]: Executing op: PatchRegister(PatchId={047B0968-E622-4FAA-9B4B-121FA109EDDE},NewState=2,OldState=1,TransformList=:9100110000000014.0.4763.1000;:#9100110000000014.0.4763.1000,Uninstallable=1,LUAEnabled=0,PatchType=1,DisplayName=Microsoft Office 2010 Service Pack 1 (SP1),MoreInfoURL=http://support.microsoft.com/kb/2460049)
MSI (s) (88:6C) [03:21:04:238]: Executing op: SourceListPublish(PatchCode={047B0968-E622-4FAA-9B4B-121FA109EDDE},PatchPackageName=officesuitewwsp1-x-none.msp,DiskPromptTemplate=Microsoft Office Professional Plus 2010,,NumberOfDisks=1)
MSI (s) (88:6C) [03:21:04:238]: Note: 1: 1402 2: UNKNOWN\Installer\Patches\8690B740226EAAF4B9B421F11A90DEED\SourceList 3: 2
MSI (s) (88:6C) [03:21:04:244]: Executing op: PatchSourceListRegisterLastUsed(PatchCode={047B0968-E622-4FAA-9B4B-121FA109EDDE},LastUsedSource=C:\Users\xxxxxxxxx\AppData\Local\Temp\OWP43F2.tmp\)
MSI (s) (88:6C) [03:21:04:244]: Entering CMsiConfigurationManager::SetLastUsedSource.
MSI (s) (88:6C) [03:21:04:244]: Specifed source is already in a list.
MSI (s) (88:6C) [03:21:04:244]: User policy value 'SearchOrder' is 'nmu'
MSI (s) (88:6C) [03:21:04:244]: Adding new sources is allowed.
MSI (s) (88:6C) [03:21:04:244]: Set LastUsedSource to: C:\Users\xxxxxxxx\AppData\Local\Temp\OWP43F2.tmp\.
MSI (s) (88:6C) [03:21:04:244]: Set LastUsedType to: n.
MSI (s) (88:6C) [03:21:04:244]: Set LastUsedIndex to: 1.
MSI (s) (88:6C) [03:21:04:246]: Executing op: PatchCache(PatchId={047B0968-E622-4FAA-9B4B-121FA109EDDE},PatchPath=C:\Windows\Installer\2bd22d.msp)
MSI (s) (88:6C) [03:21:04:246]: Note: 1: 1402 2: UNKNOWN\Patches\8690B740226EAAF4B9B421F11A90DEED 3: 2
MSI (s) (88:6C) [03:21:04:249]: File will have security applied from OpCode.
MSI (s) (88:6C) [03:21:04:806]: Executing op: RegisterPatchOrder(Continue=0,SequenceType=0,Remove=0)
MSI (s) (88:6C) [03:21:04:809]: Executing op: RegisterPatchOrder(Continue=0,SequenceType=1,Remove=0)
MSI (s) (88:6C) [03:21:04:812]: Executing op: ProductPublishUpdate()
MSI (s) (88:6C) [03:21:04:812]: Executing op: ActionStart(Name=CA_ActionPaneACEs_Install_x86_enu.3643236F_FC70_11D3_A536_0090278A1BB8.923C1899_09AE_418B_B39D_A7A9EB6A7951,,)
MSI (s) (88:6C) [03:21:04:813]: Executing op: CustomActionSchedule(Action=CA_ActionPaneACEs_Install_x86_enu.3643236F_FC70_11D3_A536_0090278A1BB8.923C1899_09AE_418B_B39D_A7A9EB6A7951,ActionType=3137,Source=BinaryData,Target=InstallActionPaneACEs,)
MSI (s) (88:58) [03:21:04:817]: Invoking remote custom action. DLL: C:\Windows\Installer\MSI7F1D.tmp, Entrypoint: InstallActionPaneACEs
07/03/11 03:21:04 DDSet_Status: LANGID: 1033
07/03/11 03:21:04 DDSet_Entry: InstallActionPaneACEs
07/03/11 03:21:04 DDSet_Status: Adding Deny Delete ACE for MACHINE\Software\Microsoft\Schema Library\ActionsPane3
07/03/11 03:21:04 DDSet_Status: Deny Delete ACE added successfully.
07/03/11 03:21:04 DDSet_Status: Adding Deny Delete ACE for MACHINE\Software\Microsoft\Office\Common\Smart Tag\Actions\{B7EFF951-E52F-45CC-9EF7-57124F2177CC}
07/03/11 03:21:04 DDSet_Status: Deny Delete ACE already exists
07/03/11 03:21:04 DDSet_CARetVal: 0
MSI (s) (88:6C) [03:21:04:822]: Executing op: End(Checksum=0,ProgressTotalHDWord=0,ProgressTotalLDWord=1218541512)
MSI (s) (88:6C) [03:21:04:851]: Assembly Error:The given assembly name or codebase, '%1', was invalid.
MSI (s) (88:6C) [03:21:04:851]: Note: 1: 1935 2: {331C656A-7546-4A1D-8FE1-8F5C2CC96D3F} 3: 0x80131047 4: IAssemblyCacheItem 5: Commit 6: Microsoft.SharePoint.BusinessData.Administration.Client,version="14.0.0.0000000",processorArchitecture="x86",publicKeyToken="71E9BCE111E9429C",fileVersion="14.0.6013.1000",culture="neutral"
07/03/11 03:21:04 DDSet_Exit: InstallActionPaneACEs
MSI (s) (88:6C) [03:21:04:851]: Product: Microsoft Office Professional Plus 2010 -- Error 1935. An error occurred during the installation of assembly component {331C656A-7546-4A1D-8FE1-8F5C2CC96D3F}. HRESULT: 0x80131047. assembly interface: IAssemblyCacheItem, function: Commit, assembly name: Microsoft.SharePoint.BusinessData.Administration.Client,version="14.0.0.0000000",processorArchitecture="x86",publicKeyToken="71E9BCE111E9429C",fileVersion="14.0.6013.1000",culture="neutral"

Error 1935. An error occurred during the installation of assembly component {331C656A-7546-4A1D-8FE1-8F5C2CC96D3F}. HRESULT: 0x80131047. assembly interface: IAssemblyCacheItem, function: Commit, assembly name: Microsoft.SharePoint.BusinessData.Administration.Client,version="14.0.0.0000000",processorArchitecture="x86",publicKeyToken="71E9BCE111E9429C",fileVersion="14.0.6013.1000",culture="neutral"
MSI (s) (88:6C) [03:21:04:863]: User policy value 'DisableRollback' is 0
MSI (s) (88:6C) [03:21:04:863]: Machine policy value 'DisableRollback' is 0
Action ended 3:21:04: InstallExecute. Return value 3.

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