The Old Covenant (aka the ‘Old Testament’ or the Hebrew Bible) refers to the agreement in the Bible between God and Israel that happened on Mt. Sinai. Moses was the one who presided over this covenant. The agreement essentially states that if you obey God’s commandments (and hey, who can argue with not killing, lying, stealing, etc.), God will love you.
Oh. My. Goodness. This is so profound in it's simplicity. I'm forwarding this one to some people I know. ;)