Regulatory agencies, such as the Department of Labor, Small Business Administration, and the Environmental Protection Agency interpret and implement statutory socioeconomic requirements related to small and small disadvantaged business, labor relations, and other matters assigned to them. The National Science Foundation Office of Inspector General reviews various Foundation programs and acquisition management, investigates potential fraud and other criminal activities, and audits the Foundation's contracts. However, the Government's broad constitutional authority to contract is limited by statutes, common law, and administrative law. Numerous statutes govern Federal acquisition. Competition in Contracting Act of 1984.
Common law comes from decisions of courts of law.
Decisions of Boards of Contract Appeals, the Comptroller General, and other administrative bodies. A contract is a legally enforceable agreement between two or more competent parties, is mutually binding, and obligates one party to furnish something of value and the other party to provide consideration. As the Government's agent, only contracting officers may execute, modify, or terminate a contract. Moreover, contracting officers may bind the Government only to the extent of the authority delegated in writing to them. All requirements of law and regulation are met prior to executing an action.