Can I legally sell my iPhone on eBay?

I have a iPhone 4s 8GB. I was connected with my parents phone plan through US cellular but I need to put my money to more important thing like rent and insurance. So after this month payment gets paid i'm having my parents disconnect my phone and my phone will no longer connected. I plan on selling in on eBay since I'll have no use for it. My parents contract still has one year and 3 months left on it, and I was told by a couple of people that I can't sell it until my parents contract is up. Is that true? I just want to get ride of my phone so I can get a quick $100.

It's not your phone to sell. It belongs to your parents.

The phone is yours, you own it. Now you still have to pay the bill every month if you have a contract though. So unless your parents are going to pay it for you, you should keep it until the plan is over. On or off you still have to pay.

Obviously the contract has to be finished, otherwise the phone becomes blacklisted and will no longer be able to make phone calls. You can sell it after the contract is over though.