Photoshop Elements 10 Upgrade Version

I hope this isn't a silly question, but I've been unable to find an answer elsewhere.
I've never owned any Photoshop products at all before, and my wife bought me PS Elements 10 Upgrade version yesterday.
Our belief was that PSE10 UV was just the most recent version of Elements, but when the package arrived it says on it 'to install this upgrade successfully you will need a licenced copy of Adobe Photoshop Elements' which of course, we don't have.
Is it just me being daft or is that worded slightly ambiguously?
I just don't know whether the box contains PS E 10 that' can work as a new standalone new product or as an upgrade on previous versions' or whether it can only be used as an upgrade to a previous version of Elements..?
I don't want to open the packaging in case I end up having to send it back and replace with different version...
Can any kind soul enlighten me please?

An upgrade version of a product is the full product, but it's license requires a previous version. The idea is that you already own a previous version, so you can buy an "upgrade" version at a reduced cost. When you install, the full product is installed, it does not piggy-back on a previous installation. However, when you license the product, by entering your serial number, an upgrade verification will take place. It will automatically check your computer for a qualifying product already installed. If that cannot be found, it will ask you to enter the serial number from your previous version.
As you do not have a previous version, you will not be able to pass the upgrade verification, which means you will not be able to license your copy of Photoshop Elements for use on this computer. You will have access to a 30-day free trial, but after that your product would cease to operate.
You should return this product for a full retail copy rather than an upgrade version.

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