JavaScript to determine if clicked element has target

function targetExists(e)
{
    var retVal = true;
    var event = e || window.event;
    if (!event.target)
    {
        event.target = event.srcElement;
    }
    if (event.target == undefined || event.target == "")
    {
        retVal = false;
    }
    return retVal;
}

Adapted from http://snipplr.com/view/2565/which-element-was-clicked (original source was http://quirksmode.org).