A contract can affect a third party. However, the doctrine of privity means that, as a general rule, a contract cannot confer rights or impose obligations arising under it on any person except the parties to it. This paper deals with the theoretical and practical analysis of the contract for the benefit of a third person by which the benefit obtained from the obligation passes to the third non contractual party. Due to the particular features of this contract, it is important to examine it in detail in order to highlight the special legal nature of the contract for the benefit of the third party as a legal transaction, the elements of the contract, the characteristics, its historical development etc. Also, this paper presents a concept of the specific status of the third party. The author supports the view that the third party (the beneficiary) is an independent contractor who has specific duties and obligations as well as rights and benefits, which is an argument based on the modern theory of interdependence of legal rights and obligations.