"...is it possible to inherit a property from one style into another style. So for instance I could inherit the font size specified in my default paragrah tag settings into my hyperlink tags."
The link tags will automatically use the fonts from the paragraph, if, and only if, they are within a paragraph. If they are outside of a paragraph (say in a list) they will not use the same font, etc.
For instance this css:
* {
margin: 0 10px;
padding:0;
font-size: 1 em;
}
p, a { font-size: 75%; }
will generate links and paragraphs that are sized at .75em. But it will display links within paragraphs at about .56em (.75 * .75).
In addition to the specificity reference cited by Jonathan Arkell, I recommend the CSS Tutorial at W3Schools.