The primary premise of NCT (and there are different views on NCT, Wells, Zaspel, Lehrer,
etc.) is that the NC as mediated by Christ is a brand NEW covenant, which totally replaces the OC. This differs from CT which views the NC as a continuation
and maturity of the OC -- i.e. it is what the OC looked forward to. NCT claims the OC was a covenant that God established with the ancient Nation of Israel
"only," instead of seeing that Israel and the Church somewhat overlap (Peter says the church is a holy nation, et. al.). For NCT the OC has been
perfectly fulfilled in Christ and done away. God's law is still binding on the believer in the NC era, but God's righteous standards are contained in
the Law of Christ (basically the sermon on the mount), not the Law of Moses. NCT views the nation of Israel as a picture of the people of God, but not the real
people of God.
I think this comparison is fairly accurate (though I would reword some of it if I had time and one needs to be careful about Hochner's Preterism): http://www.angelfire.com/ca/DeafPreterist/compare.html



