How to reset mac PRAM through the command line in Lion/Mountain Lion?

Mountain Lion does not have this functionality, but Mavericks does!

Resetting the PRAM is now as simple as running the following command as root:

nvram -c

According to the man page for the nvram command (in Mavericks):

-c     Delete all of the firmware variables.

I should note that this also works all the way up to and including Sierra.