What is the correct phrasing to use in place of 'Alright'?

The phrase "All right" is the correct substitute for "Alright" because it maintains the same intended meaning and is considered grammatically standard. "All right" is the proper form in formal writing and communication, aligning with traditional language rules. Using "all right" conveys agreement, acceptance, or that everything is in order, functioning perfectly in contexts where "alright" may be used.

The other choices do not directly relate to the sense of acceptance or affirmative agreement that "alright" represents. "All good" conveys a similar sentiment but can sound informal. "All true" is typically used to confirm the accuracy of statements, which is not synonymous with the meaning of "alright." "All set" suggests readiness rather than agreement or acceptance, making it less appropriate in this context.