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In this video, Dan Smith of DPS Legal Counsel discusses the significance of contracts for business owners and entrepreneurs. He emphasizes that every business will engage in contracts over time with customers, vendors, and other companies as part of their daily operations. Smith also highlights the importance of technology in modern business practices. He introduces the Uniform Electronic Transactions Act (UETA), which has been enacted in Tennessee and many other states, allowing businesses to enter into contracts electronically. This law facilitates digital transactions, reflecting the evolving nature of business in the technological age.