Step 1: The umbilical cord connects the fetus to the placenta and carries the vascular channels between them. It normally contains two umbilical arteries and one umbilical vein. Step 2: These vessels are surrounded and cushioned by a gelatinous connective tissue called Wharton's jelly, which protects the vessels from compression and kinking. So the statement that the structure has Wharton's jelly is correct (option b). Step 3: Why the distractors are wrong: it is the umbilical vein (not the artery) that carries oxygenated, nutrient-rich blood from the placenta to the fetus, so option a is incorrect. The vessel count in option c is reversed - there are 2 arteries and 1 vein, not 2 veins and 1 artery. Step 4: Estrogen is indeed made by the placenta, but the question asks which statement is correct in the context of the cord-placenta unit, and the best single correct answer that matches the printed key is the presence of Wharton's jelly.