I've got a Blackberry Bold 9700 right now (with a data plan), and use AT&T as a carrier, and i am not under any long term contract with them. I am eligible for an discounted upgrade to an iphone 3GS 16 GB for $199 with a new 2 yr contract.

Can i go ahead and upgrade to the iphone, pay the $199, and just sell the iphone to a friend? Make about a $400 profit. And just keep my Sim card in my old Blackberry (and not cancel the new contract, but just keep the new contract tied to my old Blackberry for the 2 years)? Hence no cancellation fee?

If so...

Will the friend I sell it to have to finish out my contract? Or can she own the iphone without any long term contract now (and she just pay monthly with her own data plan)? I know she will be stuck with At&T as a carrier, since the iphone is locked to AT&T. But will she be locked into a 2 yr. contract as well?

Kinda difficult to word this properly, but i think you get the idea of what I'm asking. -Can I sell my upgrade for a profit without any problems?