I signed my contract for a basic phone 3/24/12 and my upgrade date is 11/24/13. I would like to upgrade to an iPhone. If I cancel my contract (paying $115) would it grant me an upgrade?
No, and you would be wasting money. There's no upgrade anymore. They stopped that years ago. If you have an iPhone, then you're on a plan that isn't an upgrade. It means you have a 1 year contract and if you want a new phone, you'll have to renew that contract early.