As there are a few "activations" on that package it should be fine. Just have them keep the DVD/CD, purchase receipt and all should work out.
UNLESS you used a Office 2010 "Upgrade" version, but that's not in your post.
I uninstalled my copy of office 2007 home and student and now have office 2010 standard installed on my computer. Can I give my office 2007 home and student to a friend? These are legitimate copies for which I have the disks.
Thanks in advance, H