2. Satisfactorily, acceptably: The new chocolate cake recipe turned out to be all right.
3. Yes, very well: "All right," Joel said, "I'll do it just as you want it to be done".
This is generally considered to be the only acceptable "exception" to "all right".
Alright, although often misused by many people, it is still considered substandard English!
By day and night
I sing this song:
"All right's all right;
Alright's all wrong."
Lee's sister made a new cake recipe which came out all right, then when his niece took the cake to her office, her colleagues exclaimed, "That cake is all-right!".