In several model theory textbooks consistency is only defined for a set of sentences and never for a set of formulas. However, when I researched on-line, there didn't seem to be any problems transferring the exact same definition and theory/theorems from sets of sentences to sets of formulas? Are there any traps for sets of formulas that I am not seeing?
This is within first order logic.
The potential trap is that not everybody agrees about how to treat free variables: if I am thinking about satisfiability I find it natural to treat them as existentially quantified and if I am thinking about consistency (or whether a formula has a model) I would find it natural to treat them as universally quantified. However, there is no general agreement about this. Sticking with sentences saves having to worry about this issue.