TERM has a value of `nil'

(current-frame-configuration) has a value of
(frame-configuration (#<mswindows-frame "emacs"
					0xb58>
					(name "emacs"
					      height
					      31
					      width
					      80
					      minibuffer
					      t
					      left
					      125
					      top
					      -17
					      top
					      -10
					      height
					      40
					      window-config-stack
					      [undoable-stack 16 [trunc-stack (#<window-configuration 0xd0c> #<window-configuration 0xd06> #<window-configuration 0xc15> #<window-configuration 0xca4> #<window-configuration 0xc10> #<window-configuration 0xc06> #<window-configuration 0xbdc> #<window-configuration 0xbc4> #<window-configuration 0xbbc>) 9] [trunc-stack nil 0]]
					      custom-properties
					      (type mswindows
						    class
						    color
						    background
						    light)
					      background-mode
					      light)
					#<window-configuration
					 0xd0e>))