diff --git a/CHANGELOG.md b/CHANGELOG.md
index 1b30c0508..60360448e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -31,6 +31,7 @@ The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/).
 - Fixed `New-PnPAzureADGroup` cmdlet throwing null reference error when owners and members are not specified. [#3308](https://github.com/pnp/powershell/pull/3308)
 - Fixed `New-PnPTeamsTeam` cmdlet, it will now throw error if it fails to teamify a Microsoft 365 group. [#3310](https://github.com/pnp/powershell/pull/3310)
 - Fixed `Connect-PnPOnline` cmdlet throwing host not reachable errors. [#3337](https://github.com/pnp/powershell/pull/3337)
+- Fixed `Set-PnPTerm` cmdlet throwing object reference error when only the term Id is specified.
 
 ### Changed
 
diff --git a/src/Commands/Taxonomy/SetTerm.cs b/src/Commands/Taxonomy/SetTerm.cs
index b1aec9c33..4a1691153 100644
--- a/src/Commands/Taxonomy/SetTerm.cs
+++ b/src/Commands/Taxonomy/SetTerm.cs
@@ -1,6 +1,7 @@
 using System;
 using System.Collections;
 using System.Globalization;
+using System.Linq.Expressions;
 using System.Management.Automation;
 using Microsoft.SharePoint.Client;
 using Microsoft.SharePoint.Client.Taxonomy;
@@ -10,9 +11,8 @@
 namespace PnP.PowerShell.Commands.Taxonomy
 {
     [Cmdlet(VerbsCommon.Set, "PnPTerm")]
-    public class SetTerm : PnPSharePointCmdlet
+    public class SetTerm : PnPRetrievalsCmdlet<Term>
     {
-
         private const string ParameterSet_BYID = "By Term Id";
         private const string ParameterSet_BYNAME = "By Term Name";
 
@@ -55,6 +55,8 @@ public class SetTerm : PnPSharePointCmdlet
 
         protected override void ExecuteCmdlet()
         {
+            DefaultRetrievalExpressions = new Expression<Func<Term, object>>[] { g => g.Name, g => g.TermsCount, g => g.Id };
+            Term term;
             var taxonomySession = TaxonomySession.GetTaxonomySession(ClientContext);
             // Get Term Store
             TermStore termStore = null;
@@ -68,9 +70,25 @@ protected override void ExecuteCmdlet()
             }
             termStore.EnsureProperty(ts => ts.DefaultLanguage);
 
-            var termGroup = TermGroup.GetGroup(termStore);
-            var termSet = TermSet.GetTermSet(termGroup);
-            var term = Identity.GetTerm(ClientContext, termStore, termSet, false, null);
+            if (ParameterSetName == ParameterSet_BYID)
+            {
+                if (Identity.Id != Guid.Empty)
+                {
+                    term = termStore.GetTerm(Identity.Id);
+                    ClientContext.Load(term, RetrievalExpressions);
+                    ClientContext.ExecuteQueryRetry();
+                }
+                else
+                {
+                    throw new PSArgumentException("Insufficient Parameters specified to determine the term to retrieve");
+                }
+            }
+            else
+            {
+                var termGroup = TermGroup.GetGroup(termStore);
+                var termSet = TermSet.GetTermSet(termGroup);
+                term = Identity.GetTerm(ClientContext, termStore, termSet, false, null);
+            }
 
             if (ParameterSpecified(nameof(Name)))
             {