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In this video, Dan Smith from DPS Legal Counsel discusses the importance of contracts for business owners and entrepreneurs. He highlights that all businesses will eventually enter into contracts with various parties such as customers and vendors, making contracts a daily aspect of operations. Smith emphasizes the impact of technology on business practices and introduces the Uniform Electronic Transactions Act (UETA), which has become law in Tennessee and many other states. This act facilitates the ability to enter into contracts electronically, underscoring the legal validity of electronic transactions in business dealings.