One of the wires was discolored. But on that wire, I tried
to clean the connector by rubbing it with sand paper and
closing the connection gap a bit to make a more solid connection.

I don't hear any relays.

I can fix the terminal, but what exactly do you mean replace the terminal?
Do you mean replace the connector on the wire that goes to the
terminal??

Also, what about the "oven on" indicator light going off. Does that
indicate some kind problem?? What would make that light go off?

OK, thanks for all the info. I will replace the connector later today.
I will post later to let you and the readers know if the fix works.
Have a good weekend !

I did resolve this issue, in short:

The oven heats up to the desired temperature and then does not maintain
that temperature, the oven slowly cools down.

Here is what was happening, on the initial heating both the broil
and the oven heating element are on to quickly heat up the oven to
the cooking temperature. After the cooking temperature is reached
only the oven heating element is used to maintain the cooking heat.
The broil element is no longer used. (the oven is on bake or convection bake, not on broil). When I checked and found that the oven heating
element was burnt out (multi-meter said it had infinite resistance).
So the broil element did heat up the oven, but the
oven heating element would not work to maintain the temperature.

I replaced the oven heating element. Now my oven is working again for
me. It all makes sense now.

Hope this info helps somebody. Good Luck with your oven repairs out there !!