The out-of-the-box parallel review work flow has to be enabled.
You set the due date when you initiate the work flow.
The out-of-the-box work flows from Alfresco do not send email to the participants in the work flow. Instead, the participants will have a "Tasks to be done" list on their home screen in Alfresco. The work flow source code is available, and you can customize it easily to perform the email action.
The tasks list has a link to the document.
You have to set the approval level for the work flow to 100%. By default, it is 50%.
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You should note that the work flow you are describing may not be exactly the same as the business process you want to implement. The parallel review process doesn't reflect the give-and-take, back-and-forth communication that humans use to get things done. Hence, once someone clicks the "Reject" button, the document will be rejected, and you will have to start with a new work flow to get it approved.