Sorry, but I don't know what you mean by "the Contact Property's 'File' menu." Try this:
Go to your Contacts folder in the main Outlook window. Open a contact in its own window. Click File. Expand the File menu with the double chevron at the bottom. You should see, in order:
New
Save
Save and New
Save As
.... more commands
If you see something else, try resetting the Menu Bar.
If you still see something else, provide exact steps to reproduce the behavior.
--
Sue Mosher, Outlook MVP
Author of Configuring Microsoft Outlook 2003
and Microsoft Outlook Programming - Jumpstart for
Administrators, Power Users, and Developers