Is there a term for this type of Party?

[Keegan]

Also good even if items and exp are not on shared, just to have awareness of where others are on the map so you are not fallowing someone else. Also you're assuming that the party is going after exp and that the monsters are tough. These types of parties are good for hunting items, like if your doing a quest in a group. In this case if the monsters are not difficult then item collection is increased in this type of party.

As for a name for the type of party I don't know of one, but Group Farm seems to fit well.