The old covenant was an agreement God made with the nation of Israel. This agreement was based on the nations ability to obey God’s voice and keep His covenant. In other words, this covenant, this agreement was conditional. That if they obeyed His voice and kept the covenant, then they would be His special treasure. Of course, without realizing the impossible nature of this responsibility, they agreed stating in Exodus 19:8: ‘All that the Lord has spoken we will do!’ What happens next is of course a matter of record. Enter Exodus chapter 32 and the golden calf. The bottom line is that Israel failed just as God Himself knew they would because it is impossible for man to keep the law or to meet the righteous requirements of a holy God.
What we should learn from this is that the old covenant was an agreement God specifically made with the nation of Israel. God did not make this covenant with or for us Gentiles. Which means that we were never under it in the first place. God never intended the New Testament believer to be under Mosaic law. For further insight, please read Acts 15:1-10! The point Peter was trying to make is this: It is by grace through faith that we are both saved and kept. We are saved by the will of God, and kept by the authority of Christ.
This new agreement, or covenant is based solely on the grace of God, and is available to all men by faith in the Lord Jesus Christ. This agreement is unconditional and imperishable once received. It is an agreement God swore by Himself because there is no one greater. It is established by the immutability of His counsel, (His word); and it is confirmed by an oath, (His oath). This agreement rests entirely on the righteousness of Christ not man. It is not based on law, but rather grace; in that Christ Himself fulfilled the law on man’s behalf through His perfect sacrifice. That we may stand justified before a holy God, freed forever from the accusation of sin, so that we may actually walk with the Creator of the Universe. It is final, complete, and it cannot be added to or taken from. It is the precious gift of salvation. It is the gift of God! It is the new agreement, a superior covenant, based on better promises!
Heb. 8; Romans chapters 5-8
Let us not look to our failures, but rather to the love which washed them away!
G. L. Miller