James is an antique car collector. He went to an auction house to buy Rolls-Royce Phantom 1927 that was auctioned for sale. The auctioneer requested the bidders to bid for the antique car. James managed to bid at the highest price, i.e. RM5 million. However, James changed his mind and decided to withdraw from the auction and this was done before the fall of the auction hammer. He now seeks your advice on whether he is bound to buy the antique car after he had withdrawn the offer. Determine whether there is a valid contract in existence between James and the auctioneer.