Generally, an Assignment transfers all of the rights and obligations that a party to a contract has to a
third party. The party assigning the contract gives up its rights in the contract to the third party (who
becomes a party to the contract). In leasing, an assignment occurs when a tenant gives to a third
party all of his/her rights under the lease to a third party for the entire remaining amount of the term
of the lease. If this original tenant assigns the lease and the landlord consents to the assignment, that
original tenant no longer has any rights to the property nor any obligations to the landlord under the
lease.
