The word it’s seems to be a good substitute for it is. Yet it doesn’t sound correct to substitute it’s for it is in: “That’s just the way it is.” To make it: “That’s just the way it’s.”
Is it grammatically correct to make that substitute? And why doesn’t it sound correct? Is there any instance where the word it’s sounds correct and is grammatically correct at the end of a sentence?
The discussion in the answer to Is there some rule against ending a sentence with the contraction "it's"? does not seem to be on point because the premise of that answer is that "it is" at the end of the sentence has a stranded object, but it doesn't. Here the second "it is" has its distinct meaning precisely because there is no object. See first OED definition of "Be": 1 "Without required complement: to have or take place in the world of fact, to exist, occur, happen."