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In this video, Dan Smith from DPS Legal Counsel discusses the importance of contracts for business owners and entrepreneurs. He highlights that entering into contracts with customers, vendors, or other companies is a common aspect of running a business. Smith emphasizes the significance of understanding the impact of technology on business operations. He introduces the Uniform Electronic Transactions Act (UETA), which has been enacted in Tennessee and other states. The UETA allows businesses to enter into contracts electronically, recognizing the validity of electronic signatures and records in legal agreements. This development is crucial for modern business practices.