Any sexual relationship whether driven by lust, romance, or attachment, that lacks a clearly agreed upon status, and terms of engagement, and exchange of value. Is a terrible idea. Vagueness is a cancer that sets up one or more partners for failure, manipulation and disappointment. All sexual relationships are transactional, (not necessarily commercial), and it’s simply not healthy to ‘go with the flow’, and let goals, and reciprocity work itself out.
A ‘situationship' is a euphemism for irresponsible.