You will select a topic, formulate a problem, provide some motivation why the problem is either interesting or important, and clearly communicate a solution or analysis of the problem. Read the attached assessment rubric.
The term paper project should be on the application of classical and/or statistical thermodynamics to your thesis research, your workplace experience, or another topic of interest to you. Example topics include: connecting molecular structure to macroscopic properties, fundamentals or applications of analyzing experimental data that characterize molecular systems, theory or simulation of modeling molecular systems, etc. The project may include a narrow literature review, a series of computer simulations, documenting a journal article with derivations, etc. but there must be some application of technical concepts that solves the problem you define. The problem you formulate should have a spark of originality and have about the same scope as a typical homework problem.