BY CHARLES FRED LINCOLN, TH.D.* . The Covenant Theory is a theological principle held by some theologians which supposes (1) that before the creation of man the First and Second Persons of the Godhead entered into “a bargain,” agreement, contract, or covenant between themselves by which the Father obligated himself—(a) to prepare the Son a body for his incarnation, (b) to support him in his work while in the incarnate state, and (c) to reward him