Expanding a bit more, in the steady state approximation (i.e. \partial_t \Phi_b = 0), Faraday's Law is:
\oint\!\! \mathbf{E} \cdot d\mathbf{l} = 0
Since V := -\int\!\!\mathbf{E} \cdot d\mathbf{l}, this is the same as KVL but with the opposite sign. (In Faraday's Law, the integral is over the closed path of the circuit.) More concisely, if you are familiar with vector calculus, it can be written that \mathbf{E} = -\nabla V.
When using Faraday's Law instead of KVL, you can use the other condition of the steady state in place of KLL, namely that:
\oint\!\!\mathbf{j} \cdot d\mathbf{S} = 0[/itex]<br />
Here, the integral is over a closed surface S, and j is the current density vector. <br />
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When you introduce B-fields into circuits, Faraday's Law becomes necessary, as the electric field in the circuit is no longer conservative. Thus, we have:<br />
\oint\!\! \mathbf{E} \cdot d\mathbf{l} = -\frac{\partial \Phi_B}{\partial t}<br />
where \Phi_B is magnetic flux, \Phi_B = \oint\!\!\mathbf{B} \cdot d\mathbf{S}. (The integral for magnetic flux is over a closed <i>surface</i>...)