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. Members of the Church who make such covenants promise to honor them. For example, members covenant with the Lord at baptism and renew that covenant by partaking of the sacrament. They make further covenants in the temple. The Lord’s people are a covenant people and are greatly blessed as they keep their covenants with the Lord.