When will we prefer to use Set and List in Java and why?

When we have to store a collection of objects which is unordered we prefer the Set interface. The other main reason for using Set is we can ignore duplicate entities and keep our data unique. For example, if we have a Set containing different entities "John", "Smith", "Smith", "John", "Alisha". It will display "John" and "Smith" only one time in output by ignoring the duplicated entities. On the other hand, List is and ordered the collection of objects. So, when we have to keep our entities in ordered form while not caring about the duplication we will prefer List.