The past several hours, I’ve been studying this question and working through the exegetical issues involved. Since this exegetical question is of significant interest to me given my areas of theological interest (i.e., redemptive history and systems of theology that attempt to provide theological organization to it), I’ve taken the time to compose a more detailed outline of my exegetical notes. For those of you with similar interests (and for those of you who requested these notes), I thought I’d share my notes. After reading through these notes, feel free to comment with your own thoughts and/or tentative conclusions.
Theological implications: This verse could refer merely to what is likely the Mosaic Covenant or additionally refer to a pre-fall covenant (e.g., Covenant of Works, Adamic Covenant, Covenant with Creation, etc.) If the latter is true, this verse would validate seeing the concept of covenant as a fundamental framework for God’s relationship with mankind and thus God’s work of redemption (as Covenant Theology argues).