Can i upgrade my iPhone 4s to the iPhone 5?

How does it work because i just bought a 4s in the beginning of august because i thought the iPhone 5 wasn't going to be a big difference but it has lte and other cool stuff anyways.
so my question is how does it work do i have to pay for the phone + extra to switch?
because my friend was telling me i need to wait 2 years before switching

If you signed a contract you have to stay with the phone for 2-years

No that's why they sell new I Phones if you could upgrade it they wouldn't make any money.

Well if you just got the 4s in the beginning of August then you can't get the 5 because your not eligible for an upgrade your friend is right… You have to wait 2 years unless if you have a family plan

Sometimes they will let you upgrade to it for $450. $199 iPhone price+$250 early upgrade. If you have a family plan you can use someone else's upgrade.

Ok well you bought it in august so there's NO Way you'll be able to upgrade without the hefty early cancelation fee.yes your friend is right. But please think about: i was ready to buy the 5 but honestly i'm gonna get the 4s for $100 cheaper.why? Because when you get the ios 6 on the 4s it will be virtually the same as the 5 other than being a milligram heavier and a bit shorter.speed will be better but is it worth the extra $100? Thats more than 3 months worth of the the data plan.battery life is only imporved by a 2-3 hours… And the connecter was kinda the deal breaker for me.
thats just my 2 cents.

No, because it's in a contract, so just wait it during this year.

Yes, two years dude

Yea i think you need to wait.