Discuss whether there is any contract formed between Raj and Jesh. Support your answers with relevant case laws and sections. Also what can be concluded from this scenario.

Raj owns an antique car and wishes to get rid of them by selling it for RM20,000. He calls Jesh on the phone and made this proposal for sale to him. Raj also tells Jesh that if he agrees to accept this proposal, he should tell him. However, before they end the conversation, Jesh tells Raj that he would rather purchase the antique car at RM15,000. Raj refused to accept that price. After some consideration, Jesh decides that RM20,000 is a reasonable price and calls Raj a few days later to accept the initial price proposed by him. To Jesh's disappointment, Raj tells him that his antique car has been sold to someone else for RM18, 000.