I have thousands of points in a layer and a layer of contour lines with an elevation field. Is there a way to calculate a field of elevation for the points based on what contour lines they are inbetween?
One way is to use the Feature to Line this will create polygon features from your contours. You can then do a Spatial Join between your points and the new polygon layer.
Another way would be to create a raster using the Topo to Raster tool. Then you can Extract Values to Points to get the interpolated elevation values at each one of your points.