You say it gets current but unless you know how much current, the element may not heat. Don't worry about the 3 wires, the 2 black ones go on one terminal and the yellow is fed from the control. You must use a proper voltmeter to see if there is 240 volts to the bake element terminals when the control is set to bake. There won't be.
If the old bake element shorted out, chances are it took the control relay with it.