Used after a response to a question that you just asked. It can be used whether the news recieved is good or bad. Another way to say this is "k great".
by Lukens August 7, 2005
Boss: I'd like you to stay late and do my work for me.
Employee: Okay, great!
Mom: I'd like you to clean your room before you go to the movies.
Child: Okay, great!
Employee: Okay, great!
Mom: I'd like you to clean your room before you go to the movies.
Child: Okay, great!
by Spellish July 20, 2015