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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 eventually enter into contracts with customers, vendors, or other companies as a routine part of operations. Smith introduces the Uniform Electronic Transactions Act (UETA), which has been enacted in Tennessee and many other states. This law facilitates the legality of electronic contracts, allowing businesses to enter into agreements electronically, thereby adapting to the technological impacts on business operations.