Office 2011 license question - does one user really mean one user?

I helped someone research and buy a MacBook Air recently. She purchased MS Office 2011 Home & Business and got the 2 licence pack, as she thought she'd give me a licence as a thank you for my help. It was loaded on her MBA and now I have the box & disc.

Upon closer inspection, the top left hand corner says:

1 User 2 Macs

Can I (another, second user) use the second licence? Will there be any issues with two users using this 1 User/2Macs MS Office pack?

We are not on the same network/building suburb etc but clearly our Macs would identify us as different users/names.