While we are totally depraved, we are still image-bearers. The covenant is an assurance that we, while under condemnation, may still enjoy God's grace. This grace, also known as common grace, secures benefits for all creatures. The covenant with Abraham provides the assurance of both grace and promise. The grace God bestowed on Abraham and his descendants is special in the sense that God brings people into fellowship with himself, assures them of his presence, and gives them the hope of restoration.
Special grace comes in the form of election and of promises.
Let us look at several aspects of the Abrahamic covenant. Election God freely chose Abraham. The people of God also have a hope and a purpose. The Lord bound himself to the family of Abraham to be their Protector. The promise of his protection is further augmented by the promise of his blessing.