According to David Lamb, though the scriptures abound with numerous covenant terms and statements, one of the most beautiful is the usage of the word "friend." In its covenant context, the word "friend" means more than just an acquaintance or one who is known, liked and trusted; it signifies that a covenant has been made between two individuals (see Genesis 17:2; Isaiah 41:8; 2 Chronicles 20:7; Zechariah 13:6).
In King Benjamin's proclamation we find another example of the word "friend" as it applies to a covenant relationship. King Benjamin begins his message by greeting his people as "my brethren" (Mosiah 2:9). While "brother" is also a covenant term, in this case "brethren" refers to blood lineage as they are all from the house of Israel. As he continues his speech, he salutes the people from time to time in various ways such as "O my people," or "O all ye old men, and also ye young men, and you little children," or "And again my brethren," etc. These various salutations during the first portion of his message can be found in Mosiah 1:47,52, 70, 73, 79, 86, and 92.
As King Benjamin finishes the first part of his message, he notices that the fear of the Lord has come upon his people and they have all fallen to the ground. In reading Mosiah 4:2-3, we find that these people enter into a covenant with God by asking that the atoning blood of Christ be upon them. Immediately after the people enter into a covenant with the Lord, King Benjamin addresses them in a different manner. For the first time in his speech, he addresses them as "friends."
King Benjamin's introduction of the salute "my friends" into the proclamation at this particular point is more than an expression of fondness for his subjects; it is recognition that the people have entered into a covenant.
Recognizing and understanding covenant terms can greatly increase our comprehension of the scriptures and the meaning of covenants. This in turn will increase our understanding of the call to enter into covenants with Jesus Christ: "Greater love hath no man than this, that a man lay down his life for his friends. Ye are my friends, if ye do whatsoever I command you" (John 15:13-14). [David Lamb, "Friend: A Covenant Term," in Recent Book of Mormon Developments, Vol. 2, p. 51] [See the commentary on 2 Nephi 1:30; Ether 1:41]