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When assigning a lease agreement, it's crucial to differentiate between an assignment and a sublease. An assignment transfers the entire leasehold estate from the tenant to the assignee, while a sublease only transfers a portion to the subtenant. Tenants should always seek the landlord's consent before assigning their interest if not explicitly stated in the contract. Upon consent, the tenant transfers both privity of estate and privity of contract to the assignee, who then becomes the new occupant and assumes all obligations of the original lease. Consequently, the assignee inherits all rights held by the previous tenant, while also taking on the responsibilities outlined in the landlord-tenant agreement.