If you don't follow the tag sequence, the paragraph will still look the same, but improper placement of closing tags may affect the rest of your document in a big way, and the official validator will tell you that your document sucks :).
The most known attribute for the A tag is HREF - this is what tells the browser to go somewhere. To create a link, you simply type:
<A HREF="yourfile.extension">Filename</A>
this takes your visitor to one of your other pages on the same server [you also have to type a directory name if you have that file in a different subdirectory]
<A HREF="url">Other Site</A>
this takes your visitor to a different website and the URL should always be in the [http://www.domainname.domaintype] form.
<A HREF="yourimage.extension">Picture name/thumbnail</A>
this takes your visitor to a picture or a larger version of a thumbnail
<A HREF="mailto:yourname@yourdomain.com">Your Email address</A>
this lets your visitors drop you a line straight from your page using their POP3 client
The HREF attribute isn't the only one, however. You can use the TARGET attribute to specify where a link will open. If you want a link to open in a new window, type
<A HREF="URL" TARGET="_blank">URL name</A>
The default target [if one isn't specified] is "_top" - that means the same browser window.
If you want
all your links to open in new windows, include the following code in the HEAD section of your HTML document:
<BASE TARGET="_blank">
That's not all, however. You can specify the language and the character encoding of the link [this is very useful for people with disabilities] by typing:
<A HREF="URL" HREFLANG="two-letter language code [en for English]" CHARSET="character set [ISO-8859-1 for Latin]">
For language codes and character sets, refer to the Links section from the main screen.
The NAME attribute is a useful one if your layout consists of a table of contents [linked to the content] at the top and the content below it. Basically, what you do is give a section [specified in the table of contents] a name like in this example:
<A NAME="myinterests">My interests are:</A>
[then you list your interests]
To link to this part of your document from the top, simply type:
<A HREF="#myinterests">My interests</A>
To link to a NAMEd section from a different document, type:
<A HREF="yourdocument.html#sectionname">Link name</A>
That's basically all you need to know about the inline element Anchor. Let's go on to the next part of text organization - font manipulation and SPAN [No, not SPAM, SPAN! :)]