WORLD RELIGIONS

Detailed explanation-1: -Covenants are agreements between multiple parties that create a legally binding agreement on how each party is to perform.

Detailed explanation-2: -A “binding contract” is any agreement that’s legally enforceable. That means if you sign a binding contract and don’t fulfill your end of the bargain, the other party can take you to court. You might encounter binding contracts frequently, whether you’re signing a rental lease agreement or just bought a car.

Detailed explanation-3: -A bond covenant sets out certain activities that must be undertaken, or what activities are forbidden, by a bond issuer. Covenants are legally binding clauses, and if breached will trigger compensatory or other legal action.

Detailed explanation-4: -While a contract is legally binding, a covenant is a spiritual agreement. A contract is an agreement between parties while a covenant is a pledge. A covenant is an agreement you can break while a covenant is a perpetual promise. You seal a covenant while you sign a contract.