alright is an informal way of saying 'all right' or 'satisfactory.' It is used to refer to a state of being that is satisfactory, though not necessarily perfect or ideal.
It is used to describe a situation that is considered acceptable or tolerable, even if it isn't ideal. For example, instead of saying that something is 'great' or 'fantastic,' one might instead say that it is 'alright.'
1. The weather today is alright, so we should take a walk to the park.
2. The party was alright, but it would have been better with a live band.
3. His performance in the test was alright, but he could have done better if he had studied more.
It should not be used to describe something that is considered to be particularly good or bad, as it is a neutral term. Furthermore, though the spelling is frequently seen as 'alright,' it is generally considered to be grammatically correct to write it as 'all right.'