Discuss contracts in society

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This week's CAT for business law again comes from the GCU Doctrinal Statement. How can we use this in business law, specifically when we discuss contracts in society? Is a covenant the same as a contract, a promise or a handshake?

Abraham took sheep and oxen and gave them to Abimelech, and the two of them made a covenant. Genesis 21:27

WE BELIEVE Jesus Christ suffered a vicarious and atoning death through the shedding of His blood. He was buried and on the third day was resurrected in His body; after which He ascended to be seated at the right hand of the Father. He will come again in glory to judge the living and the dead, and his kingdom will have no end.

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