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In this video, Dan Smith from DPS Legal Counsel discusses the ubiquitous nature of contracts for business owners and entrepreneurs. He emphasizes that all businesses, regardless of their industry, will eventually enter into contracts with various parties, such as customers and vendors. Smith highlights the importance of understanding the impact of technology on business transactions. He introduces the Uniform Electronic Transactions Act (UETA), which has become law in Tennessee and other states, allowing businesses to legally enter into contracts electronically. The UETA facilitates the use of electronic signatures and records in business agreements.