Um, isn't there something about it being a good idea to know some air law before you go solo? - I've never heard of anyone letting you take the exam after first solo. (Question to which I should but don't know the answer: Is that actually legal?)
A n y w ay, when I originally did the air law exam in around 1989 it was almost all sensible stuff, and whilst getting one or two of the more obscure questions wrong probably didn't make you a dangerous pilot I really wouldn't want to be sharing airspace with anyone who scraped through on the nth attempt.
Now, this time around, having not flown for an awful long time, I don't actually legally have to re-take any of the exams, but my school made me do the air law because so much of it has changed (seems sensible). They did say that the new exam had a load of irrelevant crap in it to do with remembering schedules to conventions and suchlike that had no bearing at all on how safe I would be as a pilot, and they offered me a crib to those bits!