"I hope your OK" is never right. Why not? "You're" is a contraction of "you are" - remember last week I said that apostrophes mean something has been left out? In this case, a space and the letter "a." It's difficult to find a picture to illustrate this, so here is a cat from Portugal:
|Photo credit: Alvesgaspar|
Speaking of "there," another pitfall awaits with there/they're/their.
"They're quite sure their cat is still over there." There's that apostrophe replacing the "a" of "are" again.
What about "its" and "it's"? Well, it's a cat = it is a cat. It looks like the king of its territory. "Its" because there is no letter or letters missing.
But you said apostrophes can mean possession!
I know I did and they can and do. It's OK to write "the cat's territory" but not "it's territory."
Why? I don't know. With "it" it's only "it's" when the "i" of "is." is missing. This is one you're just going to have to learn; I feel your pain.
Here is a picture of a cake:
|Photo credit: James Petts|