The 'nil' constant represents the empty list or the false value, as oppossed to the true value [the symbol T ]. 'nil' can be written as the three character symbol 'nil' or as the empty list ().
(setq myvar nil) ; set MYVAR to False (setq myvar 'nil) ; NIL and 'NIL evaluate to NIL (setq myvar ()) ; () is the empty list = NIL (setq myvar '()) ; () and '() evaluate to NIL (if nil (print "this won't print") ; if/then/else (print "this will print"))
Note: You can not change the value of NIL.