Can an iPhone 5 switch carriers?

My friend has Sprint and is selling her iPhone 5 to me. I have Verizon Wireless. Is it possible to switch the phone to Verizon? My contract has not expired yet. Would it cost me money to switch if it is possible?

Added (1). Also, would this affect my contract at all?

Yes, but with a catch. True Sprint and Big Red use CDMA but the phone will have to be unlocked from Sprint to use on Verizon. No unlock, no go. Owner should do that or attempt, not the second guy. No, they don't care what you use. You pay the monthly bill and they will just smile. Sort of. If you know how to activate an iPhone at home, go ahead. Otherwise they will ask for about $35-40 for the activation fee. Best luck.

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