This is one of the best compact summaries that I have ever read:
http://www.ligonier.org/learn/articles/what-covenant/
http://www.ligonier.org/learn/articles/what-covenant/
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The article seems focused on a specific issue, namely, the relation between old and new "covenants," and leaves out much that would be required in a summary of covenant teaching. (1) An "oath bound relationship" does not bring us to the traditional definition of an agreement which consists of conditions and promises. (2) Where is the covenant of works? (3) I don't see how the conditions of the covenant are ultimately met by the Lord Himself. Israel did not enter in because of unbelief. Not all of Israel are Israel. Some distinction has to be made between the covenant and its administration. (4) How do you have an old and new "covenant" which are both the covenant of grace? (5) What is this "new covenant?" (6) How does the "testament" fit into this scheme?
This is one of the best compact summaries that I have ever read:
http://www.ligonier.org/learn/articles/what-covenant/