No contract, but if you cancel and have a phone agreement (meaning still paying on your equipment) you will need to pay the remaining balance in full.
Do you mean phone service contract or contract to buy the phone? Also, this is probably the wrong place to ask this question, as we are the volunteer Local Guides for Google, not in any way affiliated with the store.
You can purchase a phone and pay it off over time but their service plans don't require you to stay a set period of time. If you stop using their service package you have to pay off the phone.
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