Tim Gallant has done a great job briefly explaining the differing views of the covenant and how we should think of the covenant in relationship to election to eternal life.
FOR FURTHER READING:
Covenant & Election F.A.Q.
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This link is broken. It should be updated to http://www.biblicalstudiescenter.org/interpretation/covenantandelection.htm
Comment by Justin Bertram — November 17, 2007 @ 3:19 pm