Their is a possessive pronoun. As a pronoun, there is used to introduce a clause; as an adverb, it is used to indicate place. They're is the contraction for "they are."
They're planning to leave immediately after their presentation.
"If there isn't a law, there will be."
- Harold Farber
(From Write for Business, page 238, and Proofreader's Guide PDF, page 50)
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