Do I have to renew my contract?

I'm a Verizon customer and I saw that the iPhone 5 was coming out. My contract with Verizon is not up until this coming spring or summer and I really need smartphone for school as I'm in college. Verizon is charging an arm and a leg for iPhones, but Apple is asking $299+ for the one I want. My question is, is this price of $299 one that requires me to get a new contract with Verizon? Or is it the price of the phone apart from shipping?

How to sync new iPhone with existing iTunes?

I know there are other questions like this but none of them are helping me. I just got the iPhone 4s and already had a Ipod 3g on my itunes but now i want to put the songs from the ipod to the iphone. How?
When i plug in the iphone it gives me two options
1. Set up new iphone
2.restore from the back up of ___.

Which one should i do?

Why does only one earphone in my iPhone work?

I've had my iPhone 4 for about a year and a half now. When i got it all earphones worked, now only one works and same with speakers and docks. At first i thought i had blown my earphones but they work in everything else just not my phone.

Why does my iPhone 4 turn on and off every few minutes?

So i had this iPhone sitting in the bottom of the lake for about 4-6 hours, i got it out and had it in rice for a few days, then i plugged it in and it kept turning on and off, i was told before that it must be the battery, so i replaced it, and it is still doing this! I can't activate it so i can't get to my home screen, WHICH INCLUDES THE SETTING APP! I put that in big letters because all the answer people say to go to the settings, so i believe this is a hardware issue, but i'm not sure, if you have an answer for me that is helpful and will fix it please tell me! I really appreciate it!

Is Jailbreaking my IPhone 4S a good idea or not?

I use lots of apps, especially games for me and my lad.

In simple terms can someone give me pros and cons of jailbreaking it, and their overall view

**disclaimer**
Jailbreaking an IPhone is perfectly legal

Added (1). Slows down the iphone
drains battery alot faster
---…

Is that because of the extra apps, or does the actual jailbreak do these?