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In today's video, Dan Smith of DPS Legal Counsel discusses the significance of contracts for business owners and entrepreneurs. He emphasizes that all businesses eventually enter into contracts with various parties, such as customers and vendors, making contracts a routine aspect of business operations. Smith highlights the impact of technology on these contracts and introduces the Uniform Electronic Transactions Act (UETA), which has been enacted in Tennessee and other states. The UETA allows businesses to enter into electronic contracts, emphasizing the legal recognition of electronic signatures and transactions in modern business practices.