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Dan Smith from DPS Legal Counsel discusses the importance of contracts for business owners and entrepreneurs. He emphasizes that all businesses will engage in contracts with various parties, such as customers and vendors, as a regular aspect of operation. Smith highlights the significance of technology in business today and introduces the Uniform Electronic Transactions Act (UETA), which has been enacted in Tennessee and many other states. The UETA allows businesses to enter into contracts electronically, recognizing the validity of electronic signatures and records, facilitating smoother business transactions in a digital age.