Re: Verizon phone
If you pay full price for a phone, and are not in contract - you continue mont to month on the same terms as if you were on a contract... if you're buying a phone to replace one that was lost/stolen - you're still under contract until expiration, and the purchase of a phone does not extend the contract in any way.
Unless that's something new that you're paying full price for a phone split into 24 monthly payments in addition to your monthly service...