"Situation" is one of those songs you've heard multiple times through samples on other songs or on commercials, but might not know who released it. Yazoo (also known as just Yaz in the US) was very popular in dance clubs. The two-member band only released two albums, but with great success in their native UK. They reached the top 3 on the UK mainstream charts three times and the #1 spot on the US Dance charts three times between 1982-83. They also returned to that #1 spot in the US in 1999 with a remixed version of "Situation."
You might recognize the laughing on this track. It was sampled for what VH1 calls the greatest one-hit wonder of all time, the "Macarena." It's also been used in many commercials including the NES classic edition of Gameboy Advance. "Situation" features a synthesizer hook which is the work of band member Vince Clarke (who also was with Depeche Mode) and vocals, including the laughter, provided by Alison Moyet.
The 12 inch single includes an extended version on Side A that is the most widely played version of the song in the US. Side B includes a "dub version" remix. Both tracks on the 12" single add about 2 minutes to the original version released on the Upstairs At Eric's album.