1) Molecular compounds are bonded covalently and form molecules joined by shared pairs of electrons. They tend to have lower melting and boiling points than ionic compounds.
2) Covalent bonds form when atoms share one or more pairs of electrons to achieve noble gas configurations. Electron dot structures can represent these shared electrons.
3) Exceptions to the octet rule exist, such as when there is an odd number of valence electrons or the atom is in period 3 or beyond. Coordinate covalent bonds also involve electron pair donation.