Can I activate an prepaid plan on my iPhone 4S?

I just bought an iPhone 4S from one of my friends, and I want to know if I can use a prepaid plan instead of the 2 year contract.

Added (1). The carrier is verizon

Yes. Just make sure you can put the sim in it ( micro sim) and that it is unlocked to work with any carrier in the world. If you bought the AT&T model you can use Swift unlocks to get it working in less than 24 hours via iTunes using your IMEI number found in setting general about

A prepaid plan is better than a contract but make sure you get adequate service and the right amount of everything.