the middle or halfway point of a term, as a school term or term of office.
Often, midterms. Informal. an examination or series of examinations at the middle of a school term.
pertaining to or occurring on or about the middle of a term, as a school term or term of office: a midterm recess; midterm elections.

1865–70; mid- + term

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World English Dictionary
midterm (ˈmɪdˈtɜːm)
1.  a.  the middle of a term in a school, university, etc
 b.  (as modifier): midterm exam
2.  (US) politics
 a.  the middle of a term of office, esp of a presidential term, when congressional and local elections are held
 b.  (as modifier): midterm elections
3.  a.  the middle of the gestation period
 b.  See term (as modifier): midterm checkup

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
They did so at the beginning of the semester and again before a midterm exam.
The politics that swept him into the speakership were good for a midterm election.
Today, employment is a key political football in the midterm elections.
Turnout at the midterm election has historically been a poor predictor of turnout at the next presidential election.
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