I'm a lawyer (though admittedly not in Canada!)--this doesn't sound as absurd as the headlines read, and I would hesitate to to form opinions on any case on the basis of headlines or blurbs. That said, looking at other sources it seems there's more here than the posted article conveys:
The judge noted that Mr. Achter and Mr. Mickleborough had had a longstanding business relationship and that, in the past, when Mr. Mr. Mickleborough had texted Mr. Achter contracts for durum wheat, Mr. Achter had responded by succinctly texting “looks good,” “ok” or “yup.”
Both parties clearly understood these terse responses were meant to be confirmation of the contract and “not a mere acknowledgment of the receipt of the contract” by Mr. Achter, wrote Justice T.J. Keene of the Court of King’s Bench for Saskatchewan. And each time, Mr. Achter had delivered the grain as contracted and had been paid.
Looks like they had a long standing business relationship where this sort of communication had been the common understood form of acceptance in the past. It's also important to note the guy only tried backing out of the deal after a price fluctuation meant he'd be taking a relative loss.
I'd want to see all of the facts and arguments, but this seems reasonable from what we can see reported.