Change of economic circumstances in Bulgarian and English law : what lessons for the harmonization of contract law in the European Union?

• Main Author: Vassileva, R. T.
• Other Authors: Miller, L. ; Saprai, P.
• Published: University College London (University of London) 2016
• Subjects: 340
• Online Access: https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.763117

While significant doctrinal work has been dedicated to analyzing the feasibility of harmonization of contract law in the European Union and the selection of principles for harmonizing legislation, opportunities for dialogue between Eastern and Western Europe have been missed. This thesis takes a small step to fill in this gap by engaging in a comparative study of the English and Bulgarian approach to changed economic circumstances. A survey of the contemporary legal landscape indicates not only that Bulgaria and England seem to stand on the two opposite sides of the spectrum of jurisdictional responses towards this question of law, but also that the spectrum itself has shifted and no longer corresponds to the traditional dichotomy of legal families. This suggests that there may be conceptual differences between EU's jurisdictions that have not received sufficient scholarly attention-an issue that needs to be addressed since the approach to changed economic circumstances is a long-established barometer of differences between the values of national contract laws. The study compares functionally the English and Bulgarian contractual principles, which may be applicable to changed economic circumstances, to demonstrate that the conceptual dissimilarities that appear at first glance lead to divergences of outcome. It also examines the contextual factors which may explain the distinct approaches of England and Bulgaria-socioeconomic circumstances, the process of legal development, including the place of comparative law in it, legal theory, and the role of the judge regarding agreements. It then puts forward lessons that can inform the harmonization debate in the EU on the basis of the findings of the comparison-notably, the need for more substantive international dialogue on the implications and compromises which the process of harmonization entails as well as a re-evaluation of the current 'one size fits all' policy endorsed by EU institutions towards contract.