Perform function when clicking except on specific item with jQuery

You can capture the target of the event, if it is a link you return true ;

$('.teste').on('click', function(e) {
  if($(e.target).is('a')) return true;
  alert('Click');
  return false;
});

.teste {
  height: 200px;
  background-color: gray;
 }

<script src="https://ajax.googleapis.com/ajax/libs/jquery/2.1.1/jquery.min.js"></script>
<div class='teste'>
  <div><a href='http://www.google.com.br'>Link 1</a></div>
  <div><a href='http://pt.stackoverflow.com/'>Link 2</a></div>
</div>

Well, you already have several answers, but I'll propose another method:

$('.teste').click(function(e) {
   return !(e.target == this);
});

.teste {
    background: yellow;
    padding: 20px;
}

<div class="teste">
    <a href="http://jsfiddle.net">teste</a>
</div>

This works because the link click handling is delegated to a higher level in the hierarchy, the div. The target of the event is the clicked element, but the this is always the element where you "tied" the event (in this case, the div). So if you click something other than the div itself, that is, anything inside the div, the event is not canceled ( return true ), otherwise it is canceled ( return false ).

Maybe this is what you want:

$(".teste, .link").on('click', function() {
     if ($(this).attr('class')=='link') {
        return true;
     } 
  return false;
});

$(".teste").find(".link").click(function() {
    return true;
});