Question: Is Genesis 12:2-3 actually a covenant? Wouldn’t it be more accurate to simply call these verses promises?
Answer: If Genesis 12:1-3 is taken in a vacuum, then we might not consider it a covenant, simply because it is not specifically identified as a covenant in that context. However, when God reiterates and expands the promises of 12:1-3, He calls them a covenant (15-17), Later in Acts 3:25, Peter affirms this characterization by referring to 12:3b (and 22:18) as part of the covenant. In the same way 2 Samuel 7 never refers to God’s promises to David as a covenant in that context, yet in instances afterward David and God refer to those promises as a covenant (e.g., Ps 89:3).

The distinction in terminology does not have significant implications, but it is always better to be precise where the text gives us the clarity to draw precise distinctions.