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In this video, Dan Smith of DPS Legal Counsel discusses the significance of contracts for business owners and entrepreneurs. He highlights that all businesses inevitably enter into contracts with various parties, including customers, vendors, and other companies. Contracts are a routine aspect of business operations. Smith emphasizes the influence of technology on business practices, specifically referencing the Uniform Electronic Transactions Act (UETA), which has been enacted in Tennessee and other states. The UETA allows electronic transactions to be legally valid, enhancing the ability of businesses to conduct contracts digitally.