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In this video, Dan Smith of DPS Legal Counsel discusses the importance of contracts for business owners and entrepreneurs, highlighting that entering into contracts is a routine aspect of business operations. He emphasizes the significance of technology in today's business environment and introduces the Uniform Electronic Transactions Act (UETA), which has been enacted in Tennessee and other states. The UETA allows parties to enter into contracts electronically, facilitating smoother transactions in the digitally driven marketplace. Smith underscores the need for business owners to understand these legal frameworks as they navigate their contractual relationships.