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Dan Smith of DPS Legal Counsel discusses the significance of contracts for business owners and entrepreneurs in a recent video. He emphasizes that all businesses eventually enter into contracts with various parties, such as customers and vendors, making contracts a daily aspect of business operations. Smith highlights the importance of understanding the impact of technology on business practices. He introduces the Uniform Electronic Transactions Act (UETA), which has been enacted in Tennessee and other states. This law facilitates the ability to enter into contracts electronically, thereby adapting traditional business practices to modern technological advancements.