The "once-for-all" faith refers to the truths, doctrines, concepts, worldview teachings of Christianity (cf. 2 Pet. 1:21).  This once-given emphasis is the biblical basis for theologically limiting inspiration to the writings of the NT and not allowing later or other writings to be considered revelatory.  There are many ambiguous, uncertain, and grey areas in the NT, but believers affirm by faith that everything that is "needed" for faith and practice is included with sufficient clarity.

This concept has been delineated in what is called "the revelatory triangle"

1. God has revealed Himself in time-space history (REVELATION) 

2. He has chosen certain human writers to document and explain His acts (INSPIRATION)

3. He has given His Spirit to open the minds and hearts of humans to understand these writings, not definitively, but adequately for salvation and an effective Christian life (ILLUMINATION)

The point of this is that inspiration is limited to the writers of Scripture. There are no further authoritative writings, visions, or revelations. The canon is closed.  We have all the truth we need to respond appropriately and pleasingly to God.

This truth is best seen in the agreement of biblical writers versus the disagreement of sincere, godly believers.  No modern writer or speaker has the level of divine leadership that the writers of Scripture did.

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