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What is meant by the 'covenant of grace' in relation to God's promises?

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The covenant of grace ensures that God's promises of salvation and eternal life are guaranteed to the elect.

The covenant of grace is a central concept in Reformed theology, representing the unbreakable agreement God has made with His elect for their salvation. This covenant is rooted in the promise made to Christ, involving the assurance of eternal life and spiritual blessings. As stated in Galatians 3:18, the promise was given to Abraham not through the law but by God's grace, emphasizing that salvation is a gift rather than a transaction based on human merit. The eternal life promised through Christ is the culmination of God's covenant purposes, as outlined in 1 Corinthians 1:20 wherein all promises are affirmed through Him. Therefore, the covenant of grace secures the infallible nature of God's promises to the elect, ensuring their salvation and eternal fellowship with Him.
Scripture References: Galatians 3:18, 1 Corinthians 1:20

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