This command simply returns true or false depending on whether an object with the given name exists.
Derived from mel command maya.cmds.objExists
Example:
import pymel.core as pm
import maya.cmds as cmds
# Select an object if and only if it exists.
# Print a warning if it does not exist.
if pm.objExists('surface1'):
pm.select('surface1')
else:
print("Warning: no surface exists.")