How does Irving mirror Faust in the story?

The framework of this short story follows the famous German legend about a man named Faust, who made a pact with the devil and exchanged his soul for limitless knowledge and worldly pleasures. Just like numerous other works of literature, films, plays, and art that draw upon the traditional Faustian bargain, Irving used this concept to frame "The Devil and Tom Walker" and relay the important implications of such a theme to his readers.