is that how you define 'morality'? if so then I believe in your version. I usually say that I don't believe in morality though. I think a person must be true to themselves, to their true will, and that failure to do so is self-damaging.
I'm not a fan of opinion based, dogma enforced, rulebook styled "right&wrong" schemes though.
there is of course "the covenant" in judaism and christianity. referring to god's covenant with his 'chosen' people, and in the christian version, a new covenant after the coming of the messiah.
but I doubt that's the covenant in question, since this is the witchcraft board.
I'm sure there are specific traditions in which there is a single overriding covenant, such that everyone in that particular path would know what covenant is "THE" covenant. But that's gonna vary between traditions.
These are not trick questions, but I believe them to be vital if one is to be a true magic practicing Priest, or Wiccan.
so this covenant is vitally empowering to the practice of magick, within your paradigm? are you referring to a sort of 'pact' with an incorporeal being? if so then yes that would be instrumental for the practicing of magick, but certainly not "vital".
But without knowing which tradition you're referring to, it's impossible to really delve into the matter. the fact that you seem to think that there is a particular 'true way' suggests that either you've been hanging around monotheists a lot, or that your magickal path is not very eclectic (which is fine), or that you're new at this and have been exposed to a particular notion without realizing the diversity of beliefs & methods which are out there yet (which is also fine). I guess hanging around monotheists a lot is fine too really.