ABRAHAMIC COVENANT
Abraham made covenants with God when he received the gospel, when he was ordained a high priest, and when he entered into celestial marriage. In these covenants, God promised great blessings to Abraham and his family. These blessings, which extend to all of Abraham's seed, are called the Abrahamic covenant.
Among the promises made to Abraham were the following:
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His posterity would be numerous (see Genesis 17:5-6; Abraham 2:9; 3:14).
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His seed, or descendants, would receive the gospel and bear the priesthood (see Abraham 2:9).
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Through the ministry of his seed, “all the families of the earth [would] be blessed, even with the blessings of the Gospel, which are the blessings of salvation, even of life eternal” (Abraham 2:11).
A covenant is an agreement between God and man, but they do not act as equals in the agreement. God gives the conditions for the covenant, and men agree to do what he asks them to do. God then promises men certain blessings for their obedience.
Principles and ordinances are received by covenant. A person can receive all the blessings of the Abrahamic covenant—even if he or she is not a literal descendant of Abraham—by obeying the laws and ordinances of the gospel (see Galatians 3:26-29; 4:1-7; D&C 84:33-40).
See also, "The Abrahamic Covenant," by S. Michael Wilcox, January 1998 Ensign
"Covenants," Russell M. Nelson, November 2011 Ensign
For a chart of blessings of the Abrahamic Covenant, click here (pdf).
"Abrahamic Covenant Times at a Glance," February 2014 Ensign (pdf)