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repair.
Sometime shortly after petitioners’ automobile accident,
petitioners retained an attorney, Ismael D. Perez (Mr. Perez), to
represent them in dealing with State Farm regarding their prop-
erty damage claim with respect to Mr. Mitic’s Mercedes (automo-
bile damage claim). In a letter dated November 17, 1994, Mr.
Perez demanded $70,000 from State Farm to settle that claim. By
letter dated December 13, 1994, State Farm offered to settle the
automobile damage claim for $40,086 plus taxes and appropriate
fees (settlement offer). By letter dated December 18, 1994, Mr.
Perez rejected, and asked State Farm to reconsider, that settle-
ment offer. By letters dated December 19 and 20, 1994, State
Farm renewed its offer to settle the automobile damage claim for
$40,086 plus taxes and appropriate fees.
Thereafter, negotiations between State Farm and Mr. Perez
regarding the automobile damage claim continued until at least
March 28, 1995. By letters dated January 11 and 18, 1995, Mr.
Perez asked State Farm to remit to petitioners the full amount of
State Farm’s settlement offer in order to mitigate the damages
relating to the automobile damage claim. Those letters indicated
that such a request was not intended to release State Farm from
liability or to waive petitioners’ right to pursue that claim in
court.
In response, State Farm sent a letter to Mr. Perez dated
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