Quadratic functions are polynomial functions of degree two, typically expressed in the standard form $$f(x) = ax^2 + bx + c$$ where 'a', 'b', and 'c' are constants, and 'a' is not equal to zero. They are characterized by their U-shaped graphs called parabolas, which can open upwards or downwards depending on the sign of 'a'. The vertex of the parabola represents either the maximum or minimum point of the function, while the axis of symmetry divides the parabola into two mirror-image halves.