I. Thousands of songs, standards, are in this form. Most of the ones that aren't are in ABAC, a closely related structure. 32-measures of 4/4 time, with each phrase being 8 measures long.
II. The B section is commonly known as the Bridge; usually features a key change.
III. Counting it out.
IV. Example: Body and Soul.
V. Contrast with Blues. Longer, more harmonically complex, more melodically varied.