Case Scenario:
Chloe and Cal have been dating steadily for the last year. Unbeknownst to Chloe, Cal purchases a diamond engagement ring for Chloe with plans to give it to her during a vacation at a resort. One night they are walking on the beach. Cal has the diamond ring in his pocket. Chloe decides she wants to take a midnight swim and, after undressing, dives into the ocean. Cal undresses, carefully folds his clothes, makes sure the ring is still in the pocket, and then joins Chloe in the water. Chloe gets out of the water first and, in a playful mood, tosses Cal's clothes all over the beach. Horrified that the ring might be lost, Cal retrieves the clothes and discovers the diamond ring is gone. He is afraid to tell Chloe what happened and leaves the beach without searching for the ring. A few days late, while in a local pub, Cal notices another woman at the bar, and she is wearing Chloe's diamond ring. He and the woman get into an argument about the ring and who is entitled to it. The woman tells Cal, "finder's keepers, loser's weepers." The pub owner overhears the argument and then he gets into it by saying he owns that part of the beach where the woman found the ring and that he is actually entitled to the ring. Who gets the ring? Give the legal reason for your answer.
Please limit answer to 100 words.