Abstract
PurposeThe purpose of this paper is to present a critical analysis of the concept of “change of circumstances” as a justification for judicial revision of contracts.Design/methodology/approachThe study analyses international legal texts on the subject in the light of a decision of the Inner House of the Court of Session in Scotland, Lloyds TSB Foundation for Scotland v. Lloyds Banking Group plc [2011] CSIH 87 (currently subject to appeal to the UK Supreme Court).FindingsWhatever the merits of a change of circumstances doctrine, the Lloyds case does not provide a good example for its application.Research limitations/implicationsThe scope of a change of circumstances doctrine should be tested by further comparative study.Originality/valueThis is the first consideration of the Lloyds case in an international and comparative context.
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