To the best of my knowledge, there is no federal or state law that dictates the color of ink that must be used to sign a contract or other legal document.
I have seen (rarely, and years ago) requests such as the following:
Sign in blue, rather than black, ink - the purpose being to help distinguish a signed original from a photocopy.
Don't sign using [insert color] ink - the purpose being to avoid a color that does not photocopy.
Nowadays, with signed originals becoming increasingly rare (I see them only for real estate and testamentary documents), ink-color requests seem to have effectively disappeared.
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