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In this video, Dan Smith of DPS Legal Counsel addresses business owners and entrepreneurs about the significance of contracts in daily operations. He emphasizes that every business will inevitably enter into contracts with various parties, including customers, vendors, and industry peers. Additionally, he highlights the impact of technology on business practices. Smith discusses the Uniform Electronic Transactions Act (UETA), which has become law in Tennessee and other states. This act essentially allows businesses to enter into electronic contracts, recognizing the validity of electronic signatures and transactions in legal agreements.