Term Paper

is a research task the aim of which is to evaluate how well a student has understood the set material.

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From Wikipedia:

A term paper is a research paper written by students over an academic term, accounting for a large part of a grade. Term papers are generally intended to describe an event, a concept, or argue a point. It is a written original work discussing a topic in detail, usually several typed pages in length, and is often due at the end of a semester.

There is much overlap between the terms research paper and term paper. A term paper was originally a written assignment (usually a research based paper) that was due at the end of the "term"—either a semester or quarter, depending on which unit of measure a school used. However, not all term papers involve academic research, and not all research papers are term papers.