Can I reset the contacts app in ICS? For some reason, whenever I try to edit a detail of any contact, after selecting the detail to type, my cursor gets jumped to the "First Name". 

Is there a way I can reset all the settings for the contacts app and start fresh?

My OS is the stock ICS that comes with Sony Xperia S.
If your device is rooted, you can use Titanium Backup to wipe data for the contact application. There by you will reset the contact app's settings as well as the contacts. There by you can start fresh. However, if you had synced the contacts before this step, you can again sync to get back your contacts.