W3C validation error (what's up with it?)

[Andyjay]

Can anyone advise me why this code isn't validating please?
I've taken a snippet of html from my dynamic 'news' rotator.

<div>	
	<ul id="fade">      
		<li><span class="fade_date">26/07/2012</span>
<p><span class="fade_title"> <a href="news_details.asp?ContentID=253">News title goes here</a></span></p>    
<span class="fade_content"><p>Every order placed with us before the 31st August 2012 will be automatically entered into a prize draw to win a <strong>Test Kit</strong> worth £204 ex VAT!</p>
<p>We are a UK site and unless otherwise stated, all prize draws are only&#160;open to UK residents aged 18 or over.</p>
<p>If you would like to enter our prize draw without making a purchase, please <a href="mailto:competition@oursite.co.uk">click here</a>&#160;or email <a href="mailto:competition@oursite.co.uk">competition@oursite.co.uk</a>.</p>
<p>Terms &amp; Conditions apply. Winning entry will be selected and notified&#160;by 07/09/2012.</p>
    </span></li>       
		
    </ul>
</div>

Thank you in advance
Andy

[Andyjay]

the error is:

Line 14, Column 30: document type does not allow element "p" here; missing one of "object", "applet", "map", "iframe", "button", "ins", "del" start-tag
<span class="fade_content"><p>Every order placed with us before the 31st August…

[Charles]

SPANs and other inline elements cannot contain block level elements like P.