Whirlpool oven temp too hot

Occasionally my oven temp will shoot up to over 500 degrees, no matter the temperature setting. For example, I set the oven to bake @ 350 degrees. The oven heats to over 550 degrees, based on the hanging thermometer in the oven. I have burnt several cakes this way. Why is the temperature skyrocketing? Do I need a new thermostat? control board?

Sounds like a relay on the board is getting stuck on. Most likely the bake relay is the problem.

What part would I need to fix the bake relay on the board?

This is your main board.

http://www.appliancepartspros.com/whirlpool-ctrl-mrc-ele-wpw10340304-ap6019900.html