“One way in which this balance has not been maintained in the past is by covenant theologies that equate the Abrahamic, Mosaic, and Davidic covenants with the new covenant, or covenant of grace, based on the continuity of salvation throughout them and their contribution to the progressive revelation of Christ and his mission. The problem is that in such a system, a progression of covenants becomes one covenant, and the system therefore controls, reduces, and flattens out the progressive nature of the biblical material from which it is derived. That which stays the same has wrongly reinterpreted that which changes.
In covenant theology, where covenants are not a part of the created order, the system of covenant theology is especially and necessarily dependent on, and determined by, the biblical data. And the covenant theologian, or student of covenant theology, must maintain the proper balance between the law and the gospel, substantially and historically. Salvation is indeed by grace alone through faith alone in Christ alone, as it has been ever since its announcement in Genesis 3:15. But the relation of each subsequent covenant to this promise must be considered individually, and any system raised from these details must account for the ongoing progress of history.”
~ Samuel Renihan, The Mystery of Christ