A contract is, in principle, formed by the device of offer and acceptance. The offeror dispatches their offer to the offeree, a proposal containing all the essential elements needed for the formation of a given type of contract, after which the offeree has the initiative to conclude a contract by accepting the offer or end the negotiation phase by rejecting it. However, a question arises whether the offeror can revoke their offer once it has become effective, i.e. once it has reached the offeree. Various legal systems take a different path in this respect and the problem of a binding nature of an offer has produced three different solutions. On one hand, in countries belonging to German legal culture (Germany, Austria and Switzerland in the present research) the offeror is most strongly bound, meaning that they cannot actually revoke an effective offer. On the other hand, legal systems belonging to Romanistic legal culture (France and Italy in this paper) adopt a somewhat liberal standpoint: the offeror may under certain conditions withdraw an effective offer. And, finally, there is the approach of common law, which adopts a completely 'aleatory view of negotiations', in the meaning that the offeror may at any time before acceptance revoke their offer without any consequences - no obligation for any party arises before the formation of the contract, whatsoever. The issue of revocation of an effective offer may be brought in correlation with the institution of liability for damages caused by conducting negotiations in bad faith (culpa in contrahendo). Namely, even if the offeror is in position to revoke their offer and, hence, preclude the formation of a contract, the revocation itself may cause damage to the offeree. The question appears whether the offeror should be liable for the damages suffered by the offeree, in the amount of their reliance interest. Different legal systems take a different course on this issue. Since the revocation of an effective offer is not possible under German, Austrian and Swiss law, in these countries the issue of liability for damages caused by revocation simply doesn't appear. Under French and Italian law, the revocation of an effective offer is possible, but it will inevitably lead to offeror's liability for the damage caused to the offeree by the revocation. Finally, under common law the revocation of offer is, in principle, almost always possible and it will lead to offeror's liability for damages only exceptionally, provided specific circumstances exist. Under Serbian law the offeror is bound by their offer, i.e. an effective offer cannot be revoked. Since it cannot be revoked (any statement of the offeror on the revocation is without legal effect), the offeror's liability for conducting negotiations in bad faith in this case simply cannot arise in this case, just as in other countries belonging to German legal culture, where Serbian law undoubtedly belongs to.