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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, including customers, vendors, and other companies. Contracts are a daily aspect of business operations. Smith emphasizes the impact of technology on contracts, introducing the Uniform Electronic Transactions Act (UETA), which has been enacted in Tennessee and other states. The UETA allows businesses to legally enter into electronic contracts, streamlining transactions in the digital age.