I really only hear it in the context of someone's work (his work is sub-par) or as an idiom to say that things are always the same in a negative context (par for the course). I wouldn't recommend using it as a greeting. "
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hrsaneiCan we use Is everything on the par? as a replacement for How is everything going on?No. The word par is not used very much. When things are satisfactory they are "up to par". Previously in this thread, you saw the explanation for "par for the course". Other than in those two expressions, I seldom hear the word.