It's kind of vague, really.
Not really. There is clear consensus that if Jimbo says jump, we all jump. People might express their disagreement, but they'll either jump or leave, they won't stay and go against Jimbo's decision. Jimbo has authority because we give it to him, and we give it to him because he's been right in the past for more often than he's been wrong. It may be informal, but that doesn't make it any less factual.