Salts are ionic compounds formed when a metal ion replaces a hydrogen ion from an acid. Common examples include sodium chloride, copper(II) sulfate, and potassium nitrate. Salts are classified based on the anion present, such as sulfates, chlorides, and nitrates. The solubility of salts depends on the specific metal and non-metal ions present, with most salts being soluble except for certain sulfates, chlorides, and carbonates.