Buying a second hand iphone still under contract?

I've found a cheap iphone 4s to buy, i'm going to take a look at it tomorrow although i looked up the imei number and it comes up saying that it's on a contract till march 2014. I would only be buying the phone, not the sim card. Could i run into any issues with the contract or phone? Should i not buy it?

Added (1). What if they don't pay for their contract? They're a stranger although they live in the same town as me. Could they say that their phone was stolen and have it somehow blocked even if i'm using a new sim?

No you should be fine but the person that is selling it to you will still have to pay for the contract. The phone itself isn't subject to any plan and buying that is fine. The guy probably has another phone to put the sim card in and just wanted to sell this one.

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