Contextual menu link
You can use an access callback for that sort of thing:

function mymodule_menu() {
  $items = array();
  $items['mycontent/%my_object/my_place'] = array( 
    'access callback' =&gt; 'mymodule_foo_access',
    'access arguments' =&gt; array(1),
    ...

  );
  return $items;
}

function mymodule_foo_access($object) {
  // Contrived example, use something better
  return $object-&gt;flag === TRUE;
}