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OATH AND COVENANT OF PRIESTHOOD, Chapter 6 Of Holy Priesthood Volume 6
Pages 72 to 86
http://ogdenkraut.com/?page_id=30
A covenant concerns two persons. Both parties must do something to make the covenant effective. That principle is in full operation in the oath and covenant of the priesthood. He who receives the priesthood covenants to magnify his calling in the priesthood. That makes the covenant valid. That is too often forgotten. (Evidences and Reconciliation, Widtsoe, p. 253)
When a man receives the Holy Priesthood, he receives more than just its authority; he accepts the oath and covenant attached thereto. “Therefore, all those who receive the priesthood, receive this oath and covenant of my Father. . . .” (D & C 84:40) However, the oath and covenant do not apply to all orders of Priesthood, as Joseph Smith explained:
The 3rd [order] is what is called the Levitical Priesthood, consisting of priests to administer in outward ordinance, made without an oath; but the Priesthood of Melchizedek is by an oath and covenant. (DHC 5:555)
But first of all, let’s define these legal terms of oath and covenant:
Oath: An external pledge or assertion, made in verification of statements made or to be made…. Oath of Allegiance: An oath by which a person promises and binds himself to bear allegiance to a particular [73] sovereign or government. (Black’s Law Dictionary, p. 840)
Covenant: Those in which the party binds himself to the future performance of some act. A covenant which has for its object something annexed to, or inherent in, or connected with land or other real property. (Black’s Law Dictionary, p. 293)