Is there a parametric constraint perameter that i can put on square footage? I want to be able to draw an acre of land (43560 sq ft) and not loose that area when i minipulate the lines.

Nope.  If you look thru the list of commands on the Parametric tab and don't see it, it's not there.
 
But think of how incredibly difficult this would be if you had an area with 50+ boundary segments!  If you changed one of them, how in the world would AutoCAD know which of the others to modify to maintain you specified area?!  You would have to at least specify constraints on almost all of the others in some way, to the point where you'd spend more time setting that up and testing it than actually getting any work done.
 
Dave.