Error: "Installation of Component Toad_Standalone has failed...1603 Installation will now abort" (4224244)

When trying to install Toad for Oracle:

Installation of Component Toad_Standalone has failed.
Products affected by this failure are:
Toad for Oracle
1603
Installation will now abort.

SOLUTION 1:
Check the privileges of the user that is installing Toad for Oracle, you need at least Power user privileges for the installation.

SOLUTION 2:
Check if you have enough space on your hard drive.

SOLUTION 3:
Deactivate all virus scanner activities while installing.

SOLUTION 4:
Make sure that you install the Full version of Toad.

SOLUTION 5:

1. This is an Install Shield error (not a Toad for Oracle error). Follow the instructions listed on this link.
2. Install all available Microsoft Updates.

SOLUTION 6:
Please try a Silent install of Toad for Oracle.