The covenant is then completed. And Mizpah. This refers to some prominent cliff from which, as a watch-tower, an extensive view might be obtained. It was in the northern half of Gilead Deuteronomy 3:12-13, and is noticed in Judges 11:29. It is not to be confounded with other places called by the same name. The reference of this name to the present occurrence is explained in these two verses. The names Gilead and Mizpah may have arisen from this transaction, or received a new turn in consequence of its occurrence. The terms of the covenant are now formally stated. I have cast. The erection of the pillar was a joint act of the two parties; in which Laban proposes, Jacob performs, and all take part. "The God of Abraham, Nahor, and Terah." This is an interesting acknowledgment that their common ancestor Terah and his descendants down to Laban still acknowledged the true God even in their idolatry. Jacob swears by the fear of isaac, perhaps to rid himself of any error that had crept into Laban's notions of God and his worship. The common sacrifice and the common meal ratify the covenant of reconciliation.

- Jacob Wrestles in Prayer

3. מחנים machănāyı̂m, Machanaim, "two camps."

22. יבק yaboq, Jabboq; related: בקק bāqaq "gush or gurgle out" or אבק 'ābaq in niphal, "wrestle." Now Wady Zurka.

29. ישׂראל yı̂śrā'ēl, Jisrael, "prince of God."

31. פניאל penı̂y'ēl equals פנוּאל penû'ēl, Peniel, Penuel, "face of God."

After twenty years spent in Aram, Jacob now returns to Kenann. As his departure was marked by a great moment in his spiritual life, so he is now approaching to a crisis in his life of no less significance

I think these two verses are badly divided, and should be read thus:

Genesis 31:48 - And Laban said, This heap is a witness between me and thee this day.

Genesis 31:49 - Therefore was the name of it called Galeed and Mizpah; for he said, The Lord watch between me and thee, when we are absent one from another.

Mizpah - מעפה mitspah signifies a watch-tower; and Laban supposes that in consequence of the consecration of the place, and the covenant now solemnly made and ratified, that God would take possession of this heap, and stand on it as on a watch-tower, to prevent either of them from trenching on the conditions of their covenant.

And Laban said, this heap is a witness between me and thee this day. A witness of the covenant now about to be made between them that day, and a witness against them should they break it:

therefore was the name of it called Galeed; by Jacob, as before observed; See Gill on Genesis 31:47.

And Laban said, This heap is a witness between me and thee this day. Therefore was the name of it called Galeed;

31:43-55 Laban could neither justify himself nor condemn Jacob, therefore desires to hear no more of that matter. He is not willing to own himself in fault, as he ought to have done. But he proposes a covenant of friendship between them, to which Jacob readily agrees. A heap of stones was raised, to keep up the memory of the event, writing being then not known or little used. A sacrifice of peace offerings was offered. Peace with God puts true comfort into our peace with our friends. They did eat bread together, partaking of the feast upon the sacrifice. In ancient times covenants of friendship were ratified by the parties eating and drinking together. God is judge between contending parties, and he will judge righteously; whoever do wrong, it is at their peril. They gave a new name to the place, The heap of witness. After this angry parley, they part friends. God is often better to us than our fears, and overrules the spirits of men in our favour, beyond what we could have expected; for it is not in vain to trust in him.