Exodus 24:7 And he took the book of the covenant, and read in the audience of the people: and they said, All that the Lord hath said will we do, and be obedient.
[Patriarchs & Prophets pp 371>372] The people did not realize the sinfulness of their own hearts, and that without Christ it was impossible for them to keep God's law; and they readily entered into covenant with God. Feeling that they were able to establish their own righteousness, they declared, “All that the Lord hath said will we do, and be obedient.” Exodus 24:7. They had witnessed the proclamation of the law in awful majesty, and had trembled with terror before the mount; and yet only a few weeks passed before they broke their covenant with God, and bowed down to worship a graven image.
They could not hope for the favor of God through a covenant which they had broken; and now, seeing their sinfulness and their need of pardon, they were brought to feel their need of the Savior revealed in the Abrahamic covenant and shadowed forth in the sacrificial offerings. Now by faith and love they were bound to God as their deliverer from the bondage of sin. Now they were prepared to appreciate the blessings of the new covenant. The terms of the “old covenant” were, Obey and live: “If a man do, he shall even live in them” (Ezekiel 20:11; Leviticus 18:5); but “cursed be he that confirmeth not all the words of this law to do them.” Deuteronomy 27:26.
The “new covenant” was established upon “better promises”—the promise of forgiveness of sins and of the grace of God to renew the heart and bring it into harmony with the principles of God's law. “This shall be the covenant that I will make with the house of Israel; After those days, saith the Lord, I will put my law in their inward parts, and write it in their hearts.... I will forgive their iniquity, and will remember their sin no more.” Jeremiah 31:33, 34. The same law that was engraved upon the tables of stone is written by the Holy Spirit upon the tables of the heart. Instead of going about to establish our own righteousness we accept the righteousness of Christ. His blood atones for our sins. His obedience is accepted for us. Then the heart renewed by the Holy Spirit will bring forth “the fruits of the Spirit.”
Hebrews 8:13 In that he saith, A new covenant, he hath made the first old. Now that which decayeth and waxeth old is ready to vanish away.
May God add His blessing to the study of His word. "Good night" and God bless!