Спецификация HTML, в котором четко указано, что размещение списков в элементе абзаца запрещено, а также приведены некоторые примеры того, что можно сделать:

List elements (in particular, ol and ul elements) cannot be children of p elements. When a sentence contains a bulleted list, therefore, one might wonder how it should be marked up.

For instance, this fantastic sentence has bullets relating to

wizards, faster-than-light travel, and
telepathy,

and is further discussed below.

The solution is to realise that a paragraph, in HTML terms, is not a logical concept, but a structural one. In the fantastic example above, there are actually five paragraphs as defined by this speciication: one before the list, one for each bullet, and one after the list.

The markup for the above example could therefore be:

  <p>For instance, this fantastic sentence has bullets relating to</p> 
   <ul>
       <li>wizards,  
       <li>faster-than-light travel, and  
       <li>telepathy, 
   </ul>
   <p>and is further discussed below.</p>

Authors wishing to conveniently style such "logical" paragraphs consisting of multiple "structural" paragraphs can use the div element instead of the p element.

Thus for instance the above example could become the following:

   <div>For instance, this fantastic sentence has bullets relating to
   <ul>
     <li>wizards,  
     <li>faster-than-light travel, and  
     <li>telepathy,
   </ul> 
   and is further discussed below.</div> 

This example still has five structural paragraphs, but now the author can style just the div instead of having to consider each part of the example separately.