The grace of the covenant of grace is the unmerited (by us) freely given favor of God in the form of the benefits of redemption (i.e., eternal life, justification, adoption, sanctification, and glorification). These things were won for us by Christ and are all connected to His life-unto-death obedience and the reward of resurrection, ascension, and current glory. These are the very blessings of the new covenant. The price of redemption was paid by Christ who secured the blessings of the new covenant for us (This is why the new covenant is ‘the’ covenant of grace.). New covenant blessings are given to us, having been earned for us. The benefits of redemption are received by us because won for us. Also, these very benefits were communicated to the elect prior to the incarnation through promises, types, and sacrifices but promises, types, and sacrifices are not ‘the’ covenant of grace but certainly point to it.Richard Barcellos Grace Reformed Baptist Church Palmdale, CA .