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In this video, Jim Hart from the Hart Law Firm discusses four essential contracts needed for running an online business. He emphasizes the importance of having contracts to avoid legal issues and stay compliant with government regulations. Hart mentions that many new business owners may not have contracts in place and describes the potential consequences of this oversight. He highlights that contracts help ensure compliance with rules governing online business activities, protecting both the business and its clientele. The video aims to provide clarity on what contracts are necessary and the benefits of being properly documented from the start.