Can I upgrade my Verizon iphone 5S even if my contract isn't up yet?

My contract ends in 78 days, but it is cracked, laggy, and has no storage, so therefore I want a new phone.

Is there any way to get a new phone?

1) cancellation fees?
2) transfer my contract to someone else?

Yep, I can read your contract for you from here and tell you what it says.