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Yes if the version you own is retail and you which to place this on a laptop for use when you are not using your desktop.
No if it is an OEM edition of Office or you want to place it on two different Desktop computers.
Call Microsoft Customer Service if you are not sure which version you own, and they will let you know if you can do this.
The link for Microsoft Customer Service is listed below:
How and When to Contact Microsoft Customer Service (Q295539)