If it is truly a "Faustian Bargain" who is in which role in this situation?  

"According to traditional Christian belief in witchcraft, the pact is between a person and Satan or a lesser demon. The person offers his or her soul in exchange for diabolical favors."

"It was also believed that some persons made this type of pact just as a sign of recognizing the devil as their master, in exchange for nothing."

Which one might actually be the 'wily peasant'?