When two parties make a bris-covenant what does that actually mean? Is it a form of oath? Legal arrangement? Is it binding only as an oral agreement? Are there any official procedures involved in creating a bris-covenant?
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One official procedure is that the agreement can be considered binding without a witness if a "kinyan" is made.
A kinyan in simply when one party gives something of value to the second party (even only temporarily as a token gesture) to theoretically show that he is serious about making the agreement. I am not well-versed in the laws of kinyan, but that is what I understand to be the general idea.