I was using one burner on the range top and baking at the same time last night. I heard a pop and the oven did not work any more. There was no display, no power going to anything. I took the plate off of the back of the oven that covers the terminal block where the 220 plug feeds into the oven and the right terminal was blown. A screw on the top of the terminal which connected a black wire had apparently arced and welded itself to the plate coverning the terminal block. I pulled it off and the terminal was blown. The plastic was all melted and destroyed. The wires were still connected to the terminal though, they were just a little loose. If I replace the terminal block, should that fix my problem?
If I replace the terminal block, should that fix my problem?
I cannot say for sure but the odds are good that it will.
You said that the terminals/wires were a little loose. What can happen over time is small arcing at these points, this degrades the connection and introduces a resistance into it. This causes heat when current passes through the connection, which further degrades the connection which produces more heat and so on and so on till finally the connection fails.
When redoing the connection make sure you are get to nice clean copper wire, you will probably have to cut back the wires some.