I disagree with gocardinals. I am a guy that likes to have very strong rules in place so that everyone knows what they are dealing with ahead of time. Dealing with situations on a case by case basis as they come up is not fun, first of all. Second, I personally feel that it is a bit lazy.
Other than the time invested in writing your rules, there is zero drawback to having a solid rule set. Some guys say that it feels to overbearing to have a comprehensive rulebook, but those rules are just there in case they are needed. I dont understand why being prepared for situations ahead of time, and having your owners know exactly how things will work can be a bad thing. Also, if the rules are written ahead of time, it is not possible for decisions to be influenced based on whether certain owners are well liked or not well liked by those deciding how to rule on things.