This is a covenant entered into by a party who had a cause of action at the time of making it, and by which he agrees not to sue the party liable to such action. 2. Covenants of this nature, are either covenants perpetual not to sue, or covenants not to sue for a limited time; for example, seven years. 3. 1. Covenants perpetual not to sue. These will be considered with regard to their effect as relates, 1. To the covnantee; 2. To his partners or co-debtors. 4. 1. A covenant not to sue the covenantee at all, has the effect of a release to him, and may be pleaded as such to avoid a circuity of action. 5. 2. Where the covenantee is jointly and severally bound with another to the covenantor, a covenant not to sue him will be no protection to the other who may be sued on his several obligations and such a covenant does not mount to a release to him.