You can use the event Opening. The args event has a Cancel property so that you can check the status of your application and decide whether to show the menu (doing nothing) or not show it (by installation e.Cancel = true). However, as @Grzenio mentions, I would find it more intuitive if the element that I right-clicked was automatically selected.
Another option is to use the event Openingto populate the context menu with only one disabled item with text of type (no item is selected)or so; this will inform the user why the command is unavailable.
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