I have managed to solve the issue. Alterations are listed below for comparative purposes to not only help others but to also close this issue. A special thank you to @WhiteRuski for pointing me in the right direction. The PHP and HTML remain unchanged. Here is the new Javascript:
$("form.contact-form").each(function(){
var form = $(this);
var button = form.find("button[type=submit]");
var buttonText = button.html();
button.click(function(e){
e.preventDefault();
var url = form.attr("action");
var data = form.serialize();
// button.html("Sending...");
button.html('<i class="fa fa-cog fa-lg fa-spin"></i>' + ' Sending ... ');
$.post(url, data, function(response){
var status = response.msgStatus;
var msg = response.message;
if(status == "ok") {
toastr.success('<p>' + msg + '</p>');
var valField = form.find(".select .value");
var selectField = valField.siblings("select");
var selectedText = selectField.find("option").eq(0).html();
valField.html(selectedText);
} else if(status == "error") {
if(response.errorFields.length) {
var fields = response.errorFields;
for (i = 0; i < fields.length; i++) {
form.find("#" + fields[i]).addClass("error");
form.find("select#" + fields[i]).parents(".select").addClass("error");
}
var errors = response.errors;
var errorList = "<ul>";
for (i = 0; i < errors.length; i++) {
errorList += "<li>" + errors[i] + "</li>";
}
errorList += "</ul>";
// toastr.error('<p>There were errors in your form:</p>' + errorList + '<p>Please make the necessary changes and re-submit your form</p>'); This lists the specific errpr in the field
toastr.error('<p>There were a few errors in your form. Please resubmit with corrections.</p>');
} else toastr.error('<p>' + msg + '</p>');
}
button.html(buttonText);
}, 'json');
})
});