Pass New York
Open navigation
Back to all terms
Contracts and leasesSubject 4 of 19

Assignment

A transfer of a party's contractual rights or leasehold interest to another person, subject to the agreement and law.

Direct answer

What does Assignment mean?

A transfer of a party's contractual rights or leasehold interest to another person, subject to the agreement and law.

Exam cue: In a lease assignment, the assignee takes the tenant's remaining interest rather than a shorter interest carved from it.

What does it look like in a question?

New York example

A tenant assigns the rest of a five-year lease to a new business.

Common exam trap

What should you not confuse it with?

An assignment differs from a sublease, and it does not always release the original party from liability.

Related contracts and leases terms

ConsiderationSomething of legal value exchanged as part of a contract.ContingencyA contract condition that must be satisfied or waived for a stated obligation to become final or continue.CounterofferA response that rejects an offer and proposes different terms.Executed contractA contract in which the parties have completed the promised performance.Executory contractA contract under which one or more material obligations remain to be performed.LeaseholdA tenant's right to possess real property for the term and under the conditions of a lease.
Sources used2 references with section locators

The curriculum citation confirms exam scope. Definition and rule citations support the explanation itself. Links and locators were checked on August 26, 2026.

Keep learning

Put the term back into its full subject.

A definition helps with recall. The subject guide shows how the rule interacts with documents, scenarios, calculations and practice questions.

Study The Contract of Sales and Leases Try free practice