A covenant is a sacred agreement between God and a person or group of people. God sets specific conditions, and He promises to bless us as we obey those conditions. When we choose not to keep covenants, we cannot receive the blessings, and in some instances we suffer a penalty as a consequence of our disobedience.
All the saving ordinances of the priesthood are accompanied by covenants. For example, you made a covenant when you were baptized, and you renew that covenant each time you partake of the sacrament (see Mosiah 18:8–10; D&C 20:37, 77, 79). If you have received the Melchizedek Priesthood, you have entered into the oath and covenant of the priesthood (see D&C 84:33–44). The temple endowment and the sealing ordinance also include sacred covenants.
Always remember and honor the covenants you make with the Lord. Then you will not need to be commanded in everything you do (see D&C 58:26–28). You will be inspired by the Holy Ghost, and Christlike conduct will be part of your nature. As the Lord has promised, you will “receive revelation upon revelation, knowledge upon knowledge, that thou mayest know the mysteries and peaceable things—that which bringeth joy, that which bringeth life eternal” (D&C 42:61). Your greatest hope should be to enjoy the sanctification that comes from this divine guidance; your greatest fear should be to forfeit these blessings.