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A left ideal on any C*-algebra is an example of an operator algebra with a right contractive approximate indentiy (r.c.a.i.). Indeed, left ideal in C*-algebras may be charcterized as the class of such operator algebras, which happen also to be triple systems. Conversely, we show here and in a sequel to this paper, that operator algebras with r.c.a.i. shoulod be studied in terms of a certain let ideal of a C*-algebra. We study left ideals from the perspective of ‘Hamana theory’ and using the multiplier algebras of an operator space studied elsewhere by the author. More generally, we develop some general theory for operator algebras which have a 1-sided identity or approzimate indentity, including a Banach-Stone theorem for these algebras, and an analysis of the ‘multiplier operator algebra’.