Deformable part, possible or not?

Hi,

I was thinking if I can model a deformable part? By deformable I mean to bend the part within the assembly or single part. Let's say I would like to have a model of a ring below to be bendable so I can connect two nearest surfaces together. I could create a 2 configurations and switch between them, but is it possible to have a some kind of a mate or limitator which allows me to bend the part within some limits?

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