How do I know if an ArrayList contains a specified item?

/**---------------------------------------------------------*
 *     @author Madarapu Naveen                              *
 *    http://madarapunaveen.blogspot.com                    *
 * ---------------------------------------------------------*
 */


import java.util.ArrayList;
import java.util.List;

public class ArrayListContains {
    public static void main(String[] args) {
        ArrayList list = new ArrayList();
        list.add("Item 1");
        list.add("Item 2");

        if (list.contains("Item 1")) {
            System.out.println("True");
        }
        else {
            System.out.println("False");
        }
    }
}