A covenant is an agreement or contract.  When in covenant you have the same opinion about something as the person you're in covenant with.  You give consent and they do as well, and this allows you to live without contention and to be consistent.  With God we have such a covenant, and when we obey, and live out the conditions of our covenant, we experience freedom.  Once we have freedom, we can have victory, which affords justice, and manifests peace, bringing us to full joy!