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Dan Smith of DPS Legal Counsel discusses the importance of contracts for business owners and entrepreneurs, highlighting that all businesses will engage in contracts with various parties, including customers and vendors. He emphasizes that contracts are an everyday aspect of business operations. In the video, he also introduces the Uniform Electronic Transactions Act (UETA), which is now law in Tennessee and other states. The UETA allows businesses to enter into contracts electronically, underscoring the impact of technology on business practices and the need for entrepreneurs to understand these legal developments.