Because term-height is off somewhat,

$ less <filename>  # and then press 'k'

hides the first 1 or 2 lines of <filename> content.

Steps to reproduce:
1. emacs -q
2. M-x term <RET> <RET>
3. less FILENAME
4. press 'k'

Observed version: GNU Emacs 23.1.90.1 (x86_64-unknown-linux-gnu, GTK+
Version 2.18.3)
bzr revision 99310.