If the modern theory of consideration is that it is compensation in the form of either a promise, or an act for a promisor's agreement, it is impossible to contend that a defendant in a contract for the benefit of a third party has not received it, if the contract between him and his promisee complies with the requisites of simple contract law. Under these conditions there will be consideration, but it will move from the promisee and not from the plaintiff-beneficiary.
James L. Parks,
Contracts for the Benefit of Third Parties,
33 Bulletin Law Series.
Available at: http://scholarship.law.missouri.edu/ls/vol33/iss1/3