Given a list of words and a target word, write a Python function to check if the target word exists in the list.
Let's say the list is ['apple', 'banana', 'car', 'dog'] and the target word is 'banana'.
def isElementPresent(list, target): 
  for word in list: 
    if word == target: 
      return True
  return False

wordlist = ['apple', 'banana', 'car', 'dog'] 
target = 'banana'
print(isElementPresent(wordlist, target)) 
# prints True