The CommonLispObjectSystem provides for user-definable MethodCombinations. A MethodCombination defines which applicable methods will be called and in which order they will be called when a GenericFunction is called. Different generic functions can employ different method combinations.
This is explained in Section 7.6.6 (http://www.lisp.org/HyperSpec/Body/sec_7-6-6.html) of the CommonLispHyperSpec and in the book TheArtOfTheMetaObjectProtocol.
Quoting the CommonLispHyperSpec:
When a GenericFunction is called with particular arguments, it must determine the code to execute. This code is called the effective method for those arguments. The effective method is a combination of the applicable methods in the generic function that calls some or all of the methods.
A subclass inherits methods in the sense that any method applicable to all instances of a class is also applicable to all instances of any subclass of that class.
The effective method is determined by the following three-step procedure: