EU sometimes uses macros to establish how the party will resolve key mechanics. PF is for extremes and higher and the leader pretty much decides how the party is going to run, but the most common party types are practice/clear/farm. A party will continue until someone has to leave, at which point the party can recruit a replacement or disband. It is bad form to leave a phase 2 practice party soon after clearing a phase 1 boss, because the party will then have to clear phase 1 again with the replacement people. Loot is for whoever wins the roll.