This Oswald the Lucky Rabbit is a solid effort, set squarely in the talkie era but well before the redesign that changed him into a childlike white rabbit. Clarabelle the Cow has a major role as the schoolmarm. When Disney lost control of Mickey Mouse, somehow it turned out that no one cared about the supporting cast, so Clarabelle and Pete wound up spending several years working for both Disney and Lantz.
This one is distinguished by more dream logic than cartoon logic. Part of that is the sort of anxiety that one has in low-grade nightmares, of sneaking into a place unnoticed or being made an object of public humiliation. When Oswald sneaks into the class room, he is wearing his clothes, but he does get laughed at for wanting to get a drink of water.