Eu resolvi. O código deve ficar assim:
cur.execute("""UPDATE `term_results` SET `%s` = %s, `%s` = %s WHERE `results_id` = %s""" % (term, nResult, termInserted, bResultsInserted, mostRecentRecord))
cur.execute("""UPDATE `term_results` SET `%s` = %s, `%s` = %s WHERE `results_id` = %s""" % (term, nResult, termInserted, bResultsInserted, mostRecentRecord))