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In this video, Dan Smith of DPS Legal Counsel discusses the significance of contracts for business owners and entrepreneurs. He emphasizes that all businesses regularly engage in contracts with customers, vendors, and other companies. Smith highlights the importance of understanding how technology influences business operations, particularly in the context of the Uniform Electronic Transactions Act (UETA). He explains that this law, which has been enacted in Tennessee and many other states, allows businesses to legally enter into contracts electronically, thereby adapting to modern technological advancements in commerce.