14 Distinction between a novation and an assignment

the assignee in an assignment does not become a party to the initial contract between the debtor and the assignor. This is comparable to a novation in so far that the parties of the novation do not become parties to the initial contract because a new contract is created whereas in an assignment the underlying contract remains on foot.
Because in a novation the novation results in a new contract the rights are not subject to equities. In an assignment the assignee takes subject to equities.
Novation comprises a discharge of existing obligations where consent is required whereas consent is not required in an assignment at common law.
Consideration is required for novation whereas an assignments does not strictly require consideration.