This paper presents a molecular theory of the thermodynamic properties
of reversible gels whose junctions are formed by the clustering of an
arbitrary number of associating groups, or segments, on the constitue
nt molecules (or primary chains for polymeric gels). Cross-linking by
the microcrystalline segments on the polymer chains or by associating
groups attached to the chain ends are examples. We focus our interest
specifically on the interference between gelation and two-phase separa
tion. We study how these transitions depend on the molecular weight, f
unctionality, and the aggregation number (multiplicity) of the network
junctions.