The New Covenant Theology view

New Covenant Theology believes that God has maintained one eternal purpose in Christ which has been expressed through a multiplicity of distinct historical covenants; that prominent among these are those designated the Old Covenant (also known as the Mosaic or First Covenant) and the New Covenant; that the former, confined to the people of Israel alone, was established while that nation was assembled before Mt. Sinai and was later made obsolete through its fulfillment by the life and death of Jesus the Messiah
That it was comprised largely of shadows pointing ultimately to Jesus and His body, the Church; and that, therefore, the age in which it remained operative was at all times a period of immaturity as compared to the age of fulfillment which was inaugurated with Christ's first advent.The Old Covenant, containing a single, unified law code, was a legal, conditional covenant requiring perfect and complete obedience of all those under it; that, on the one hand, it promised life to all who obeyed it, and, on the other hand
It pronounced a curse upon all its transgressors; that it, therefore, inescapably brought death to all who sought to be justified by it—not because of a deficiency in the law (itself "holy, just, and good"), but because of the sinful inability of those under its charge; and that, for this reason, it is variously described as a "killing letter", a "ministry of death", and a "ministry of condemnation"—its distinct purpose being to illumine sin so as to make manifest the Israelites' and, by implication, all men's need for a redeemer.
In contrast to the Old Covenant, the New Covenant (by virtue of Christ's perfect obedience to the law, as well as His bearing of its curse) promises only blessing to all those who belong to it; and that this second covenant, the "everlasting covenant" enacted upon better promises, has thus brought to realization all that was anticipated in the covenants made with Abraham, Moses, and David.Under the New Covenant, God's people, having entered the age of fulfillment, now stand as mature sons; that having been set free from the tutelage and bondage of the law code written upon tablets of stone, they have subsequently been placed under the Spirit's management—having the new and greater Lawgiver's own law now written upon their hearts.