Necessary and sufficient conditions are presented for the (first-order) theory of a universal class of algebraic structures (algebras) to have a model completion, extending a characterization provided by Wheeler. For varieties of algebras that have equationally definable principal congruences and the compact intersection property, these conditions yield a more elegant characterization obtained (in a slightly more restricted setting) by Ghilardi and Zawadowski. Moreover, it is shown that under certain further assumptions on congruence lattices, the existence of a model completion implies (...) that the variety has equationally definable principal congruences. This result is then used to provide necessary and sufficient conditions for the existence of a model completion for theories of Hamiltonian varieties of pointed residuated lattices, a broad family of varieties that includes lattice-ordered abelian groups and MV-algebras. Notably, if the theory of a Hamiltonian variety of pointed residuated lattices has a model completion, it must have equationally definable principal congruences. In particular, the theories of lattice-ordered abelian groups and MV-algebras do not have a model completion, as first proved by Glass and Pierce, and Lacava, respectively. Finally, it is shown that certain varieties of pointed residuated lattices generated by their linearly ordered members, including lattice-ordered abelian groups and MV-algebras, can be extended with a binary operation to obtain theories that do have a model completion. (shrink)