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As a project manager what can or should you do if your company's sales force signs project contracts that are either underspecified or underpriced?

As a project manager what can or should you do if your company's sales force signs project contracts that are either underspecified or underpriced? What should you do if your sponsor has suggested that the competitive environment is changing so rapidly that detailed requirements at project start-up are meaningless? Should risk be directly incorporated into the feasibility study and, if so, how? Rarely do organizations have enough money to authorize all the projects that are feasible. What set of criteria should be used in the project selection process and which criteria should have the most weight? If you feel that this depends upon the situation, define a specific situation in order to answer this question. You have just taken over a project that is half- way completed. The previous project manager has left the company. Major project problems have started to emerge and you find that the project specifications are not clear enough to give you a good sense of what the project is intended to accomplish. You were assigned as project manager because of your no nonsense reputation to get things done in difficult situations. What should you do? Which parts (questions) of the feasibility template that was part of your readings would be the most difficult to address in the requirements documentation? What are some of the different skill sets needed for requirements determination as contrasted with requirements documentation?
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