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In this video, Dan Smith of DPS Legal Counsel discusses the significance of contracts for business owners and entrepreneurs. He highlights that all businesses, regardless of their size or industry, will inevitably engage in contracts with customers, vendors, or other companies over time. Smith emphasizes the importance of understanding the impact of technology on business operations. He introduces the Uniform Electronic Transactions Act (UETA), which has been adopted in Tennessee and many other states, explaining that it allows businesses to enter into contracts electronically, thus streamlining the contracting process in the digital age.