Well, it doesnt "need" a contract per se. A Phone contract is simply a discount on the purchase of a new phone ($99 instead of $500) that your carrier pays for in return for your agreement to stay with them for 2 yrs (or so). Where do you live? Some countries do this and some dont. I can tell you that if you 925 is less than 400 usd it has a contract.
You mentioned about text, data ect features too. Did you mean do you have to sign a contract to have these features? Check with your carrier. The short answer to your question is, No, the 925 doesnt need a contract techically to function, but the price you pay and what your carrier is offering will determine if it needs one or not.