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In this video, Dan Smith from DPS Legal Counsel discusses the significance of contracts for business owners and entrepreneurs. He emphasizes that all businesses, at some point, will enter into contracts with customers, vendors, or other companies. Contracts are a routine aspect of business operations. Smith introduces the Uniform Electronic Transactions Act (UETA), which has been enacted in Tennessee and other states. The UETA facilitates electronic contracts, allowing businesses to enter contracts electronically, thus reflecting the impact of technology on modern business practices.