Final answer:
The legal implication of not returning a found wallet would most likely fall under the classification of theft, as it involves taking possession of someone else's property with the intent to permanently deprive them of it.
Step-by-step explanation:
When it comes to the legal implications of not returning a found wallet, the most relevant legal term would be theft. Theft occurs when someone intentionally takes possession of another person's property without permission and with the intent to deprive the owner of it permanently. In the context of finding a wallet and deciding to keep it rather than attempting to return it to its rightful owner or turning it into local authorities, the action could legally be interpreted as theft. It is not classified as fraud, embezzlement, or libel, as those crimes entail different elements such as deception, misuse of funds entrusted to someone, or written defamation, respectively.
While thinking about what to do upon finding a wallet, it's important to consider not only the legal implications but also cultural expectations and ethical considerations. In some societies, personal responsibility to locate the owner is prioritized, while in others, the expectation would be to submit the wallet to the authorities. Nonetheless, the act of keeping the wallet without attempting to find the owner can lead to legal consequences under the theft statutes.