The name of the reaction that occurs when acids and bases react is called neutralization. In a neutralization reaction, an acid donates protons (H+) while a base accepts them, resulting in the formation of water and a salt. This process typically leads to a solution with a pH closer to neutral, contrasting the original acidic or basic solutions. Neutralization reactions are important in various fields, including chemistry, medicine, and environmental science, as they are involved in balancing pH levels and various biochemical processes.