Thanks for your detailed explanation. I have a better understanding of the circuit diagram. I found the thermal fuse. I could barely reach it to test it but it showed no continuity after I disconnected the wires. I had to remove the heating element to remove the fuse bracket and the fuse. I read that the replacement of this fuse actually involves replacing the high limit thermostat as well, something I stumbled upon by magnifying the instruction sheet shown in the picture on the internet. Hence the part comes only as a kit.
Another thing I found strange, I measured 120 volts between L1 and neutral and between L2 and neutral, but I didn't get 240 between L1 and L2??
It's Saturday and I won't be able to buy the replacement fuse until Monday. I am optimistic that this will fix the problem. Thanks again for the advice.